OfflineGet a load of this one!!!8-]....wow! so i was on my mission last night til bout 7 this moring n slep =/ uhh maybe bout 2.5 hours from putting my wonderfully hand crafted bandits=)...i was thinking lol "the 3amigos"..trying to specifically place'em out in my valley..However..here's the juice my friends..my land lord uhh just happen to, this morning when going to the post office, he opens up his NOD letter w/ $4,067.32 behind on payments, loan amt 183k, comps in the area puts house at $86k...hmmmmm? what should i suggest???? we have a third party whos willing to put it back up for a lease w/ a purchase to buy(we all know what that is=)) house needs "major" rehab..."major!!!!" so...cld i get my first deal actually helping the "naysayer" that i luv n start my lifes journey in RE investing....what exactly shld i do?????? assistance plz...much luv..
Check it out in your post. Loan amount 183k and the prop is valued at 86k. Does the phrase upside down ring a bell?? Then lets slide over to the rehab price. I don't know but it looks like a bunch of money involved. If you have a tenant/buyer in place with a down payment of around 5k, you are still looking at (as you put it) MAJOR REHAB. It is your deal and I wouldn't want to squash it for you. Just a little input....Jan
Y thank you=)..let me share what i've been conjuring up..I have to say that be completely transparent to get the the thumbs up if the light bulb REALLY went off. First thing, this is the household that I live w/ that w/out them i wouldn't even have known about "DG". If you have read alil bout my current situation and how i'm able to survive is by them. My best friend and I have goals to develop communities with "green" technology and smarter, more efficient, convenient, healthier life styles. So showing that this business 'will' work and our time is now and show him by our own place which he's in a financial hardship from would do some major damage...if you can catch my drift, so..here's the gamer and if i can get the necessary tweaks i would luv it!!..
Negotiate w/ the lender the cost of the property down w/the back payments and the cost to rehab w/ qualified contractors quotes under the FMV. Already have a qualified buyer who is a friend approved for a loan up to $100k n who's a first timer along w/ the down payment if necessary. I could be wrong or something, but this is where i think it get even sweeter!=)Because we'd like to stay in the house, rehab it ourselves because we're contractors=), the buyer willing to put them in a lease option along w/ the wife who's been working on her credit to buy the house back once the lease is up or when she's qualified to do so. So, put them in a position to not only bring money to the house by me getting paid which will only go into rehabbing the house more "green" and of course pay for the "ACADEMY"=)(YEA BABY!!), the buyer friend walk into instant equity and help his friend out w/ the option to buy it back w/ wife's name at a lower loan amount then they originally had...
=/ am i gettng it???