OfflineHi,All
My name is Angie I'm very very new. I step out of my box and I found two home. One is a rental and the second is a SFH. I have no money my credit is bad but I getting it together. How can I work a deal with the owner of the second home. as a no money down deal. Eq in the home is 19k and she ask 230k with some repair.
Home One is a rental the tenant is still there been there since 2006. he ask for 220k but will be flexible on the price. He have 40k in EQ in the home. so my new friend Help Please. What the best way to do this.
Thank
Angie
__________________
Angie
May each day get better
I would go ahead and lock those under contract and then assign it to another buyer for a profit. That's primarily what I'm into right now. Once I get a few of those under my belt, I will be dealing with Short Sales, Reo, and foreclosures. I'm new as well, and my credit is in the dumps..so don't feel bad.
Destrie
Destrie
Failure Is Not An Option
Use what you know, the equity of both properties. The first seller is flexible in price. The second will give a credit ($) for repairs. Research the comparables, find out what the two owners pay for their mortgages (PITI), what is first seller collecting in rent from the tenant, find out when the tenant's lease is set to renew & whether they will likely renew their lease. Find out what repairs need to be made to the properties & the $. Talk to them in a conversational manner. Be polite and professional in conversation with them. Get them to give you their lowest offer.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I will do that I will meet with the owner this this weekend. Nice to meet you too Destrie
Angie
Angie
May each day get better
HI Leverage,
with the first home the tenant pay 1700.month but I will look in to what as the price pay at first. Do you think I can get them to do a no money deal. thank for your help
Angie
Angie
May each day get better
I agree, I am new as well, and I am planning on starting out assigning to get some quick cash before I get into the big stuff. I have no problem starting out a little slow!
And Atlcamel gave some great tips on getting the best price, I will be sure to note this.
Thanks!
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
Visit your property assessor's site and find out what they paid for the properties. Do your research (due diligence).
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Hi Dominoafekt,
So what great tips did you get from Atlcamel would you like to share, I'm in DC
Angie
Angie
May each day get better
See what your competitors (other landlords) are renting for. Call other rental properties in the area to gauge whether you would be able to raise the rent (future) for a positive cash flow whenever the tenant moves out. Definitely find out what the landlord monthly payments are. You won't know until you present your offer.
with the first home the tenant pay 1700.month but I will look in to what as the price pay at first. Do you think I can get them to do a no money deal. thank for your help
Angie
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
So what great tips did you get from Atlcamel would you like to share, I'm in DC
Angie
I think you have this whole forum thing confused. But its okay! You seem to be calling Atlcamel "Leverage" because that was what they put as their subject. You are actually talking to Atlcamel on here right now. Their name is above their picture. Hope this helps!
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
Just noticed that Atlcamel doesnt have a picture. So just a side note. People's names are dark blue and underlined in the top left of their posts, NOT the bold black text.
To make things easier I have Quoted Atlcamels post up above:
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
I want to thank all of you for your help. I found some investor and we are working on the two home now.
Thanks again,
Angie
Angie
May each day get better