OfflineThis is my first FSBO. The owner wants to just "dump" the property for $30K or less. It appraised about a year ago for $62K. It is an older house and would need some painting, etc. but otherwise is in pretty good shape. I like to keep it for a rental for income purposes. I already own 2 rentals. The question is: What advice can you give me? i.e. How do I make this work. Do I need to take out another mortgage or how do I leverage an existing property?
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Does the seller own it outright? If so, will he do seller financing?
Or does he have a loan? Are his pmts current? Or could you do a subject to?
You could also do a L/O.
We need more details.
Karen
"You're never too old to be what you were meant to be!"
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The seller owns it outright. He would probably consider seller financing. Pardon me, but what is an L/O? I'm trying to figure out what offer to propose to him. He's gonna be in town later this week and is bringing the dead. What other details do you need?
Thanks for the input.
If he is bringing the dead I would leave the area!!
L/O = Lease Option
Details. Just the basics
Actual ARV. What it will sell for today
Repairs/rehab needed
What does he want for the property, bottom line. So he has free and clear title?
Dumping the property usually means selling it outright, but you never know!
Michael Mangham
MD Home Acquisitions LLC
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Have you read the books completely? How many times? How about reading on this website A LOT!?!? You want to really know what you are talking about before you start making offers.
I'm not trying to be mean. Just helpful.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"