OfflineThen the next phase would be to do a short sale, correct?
Here is my problem, i am like many here, have bad credit and not much/no money.
The only way i feel i can make money in today's market is assigning contracts. Now i have my RE Attorney, RE agent but i just can do this cause so many people have negative equity on their properties. I can't assign to investors with negative equity. The amount of negative equity is way more than what the house is worth where I'm at.
Now i know i could do a short sale and then lease out the property back to the original owners but my credit won't allow me to do that!
I'm so angry at myself for messing up my credit at such a young age. Makes me wish i could turn back the clock.
Can anyone tell me where to go next? What can i do? I'm beginning to lose some hope.
HELP!
"Whenever you find yourself on the side of the majority it is time to pause and reflect."
-Mark Twain
I dont like it either. The conventional sales are overpriced because they are not pressured to sell and the FSBO often is more unrealistic than the conventional sale. The catch is some one may be motivated to relocate, find a rent to own client with money down, offer a sandwich lease/option to place a tennant with cash to the seller. You cash flow thier property for them. The scenario is easy, the seller and renter is the hard part. I have had a list of renters and rent to owns calling me weekly and I cant deliver properties cause I am late or out bid on REO's. I am hitting the FSBO hard this week.
100 K Homes
Thanks for the response. So if i find a tenant for a FSBO, what do i get in the end of the deal? Do i lease it out under my name and then find the tenant so I get the cashflow? Or does the original owner get the cashflow?
This is really interesting.
"Whenever you find yourself on the side of the majority it is time to pause and reflect."
-Mark Twain
You may want to still look for great deals that you may be able to assign or find a cash partner for the deal. Once you get going things will improve. Also, try to work on clearing up your credit and within time it will improve to give you more options. Good luck with real estate investing. Believe and Achieve!
- Joe
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QUESTION HOW WOULD A LEASE OPTION MAKE SENSE IF THE SELLER OF THE PROPERTY OWES 300K BUT THE HOUSE IS WORTH LIKE 280K? WOULD THIS BE A GOOD DEAL FOR A LEASE OPTION?