OfflineI found a great property 4 bedrooms 1 bathroom and a unfinish basement.There asking for 125,000 but i can get it down a little bit.The ads said owner williing to finance... how can i do this deal! lease option or what type of deal with own willing to finance...if i do a L/P i have a tenant buyer..im trying to do a no money down deal....or little bit of money like under $4000.... share your ideas if u can i greatly thank u...
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I am no teacher by any mean but I would first call some realtor to get comp on the property, then go by the house to see it conditions. If you own any of Dean Books start doing your home work. Learn what the seller want 1st then see what will be a win win for you both. You need to talk to the seller and find out his hot button. Now you have all the facts you should know what type of offer this seller is more likely to take.
Averyday is a Friday so weak up each morning and get excited.
THANK U FOR REPLYING....THE HOUSE IS IN GOOD CONDITON...HE HAS SECTION 8 RENTER IN THERE ALREADY HE IS COLLECTING 1,350,I SPOKE TO THE OWNER ON THE PHONE AND HE TOLD ME THE PRICE 125000 BUT ON THE WEBSITE IT WAS FOR 160000 SO THEY REDUCED IT....I CHECKED ON DIFFERENT SITE LIKE ZILLOW AND HOMEGAIN AND ZILLOW SAID 101000 THE OTHER ONE SAID 98,000....IM STILL GOING TO TALK WITH A REALTOR.....IM ACTULLY GOING TO SEE THE HOUSE TOMORROW....IM THINKING MORE A LEASE OPTION...WHAT U THINK
There is a list of things you have to do here almost at once.
1) I wouldn't even make an offer until you see the house, drive the neighborhood to see what it looks like.
2)I would want comps from an agent for the last 6 months only on houses that have sold, not what is listed. But I will tell u that comps are great and a lot of people won't buy unless they have them, but if the figures all work out and you are positive cash flow, do what you want to do
Do you have your tenant/buyer in place and do they have a security deposit that you can use as your down payment? I don/t think the Sec 8 renter would have access to that type of money, hey you never know.
Before you go, run your numbers through a mortgage calculator that will give you payments with PITI combined. Just google "mortgage calculator" this will give you your whole payment picture before you start to negotiate. This looks like it could be a fun deal to be in on, wish I was looking over your shoulder.
Now go negotiate and make it happen....Jan
THANX FOR THE ADVICE PLEASE KEEP BRING THEM IF U CAN IIM TRYING TO WORK OUT THIS DEAL FOR SOMETIME NEXT WEEK...THE OWNER ARE WILLING TO HELP FINANCING..MY TENANT BUYER IS NOT ON SECTION AND I WILL ASK FOR A DP OF 5000.....IM GOTO SEE THE PLACE THIS WEEK..NOW I JUST NEED TO FIND A AGENT TO RUN SOME COMPS FOR ME.. THANX AGAIN AND KEEP GIVING ME ADVICE....
Run the numbers before you go. Make sure it works for you. On your inspection make sure you look at everything, attic, every room in the house, basement, everything. Check basement walls for cracks and look at all plumbing for water leaks etc. Bring a strong flash light with you and a note pad. A couple of sellers hated it when I brought a flash light!! What's up with that, something to hide??
You will do fine I know it. Keep me in the loop....Jan
I agree with matlock31, just find the sellers hot buttons. Make an offer after you do your due diligence. Make sure you have "subject to" clauses in your contract.
Greg