Offlinei live in buffalo ny and there are quit a few 30k rent ready multi famly houses on the markrt.I have bad credit and maxed out in debt. would it be possible to ask the owners to lease option for two years, they are all for sale by realators.
i was thinking of offering them full asking price and structure like this.
offer to lease option for two years offer to make there monthly mortgage payments and add 250 a month ( 250 x 24 = 6k ) put in a mutual fund and after two years i would have 20% for the down payment at witch time i would finance 30k through a bank .
they rent for 1000 total a month MIP 300 + 250 = 550 i would have about 400 positive cash flow a month , worst case for them is i dont buy in two years but they would keep the 6k in the mutual fund i paid there mortgage for two years and collected the rent and mantained the property and did all repairs out of my pocket witch would come from the positive cash flow .
does this sound like it could work its my only shot and im ready to go any comments would be greatly appreceated bob and sandy
robert a sanfilippo
This is a very similiar type of purchase that we might offer a potential buyer, so why not you. You will never know unless you ask. I think that Dean has suggestions for questions to ask, and then have them tell you what they might do. Its always best not to be the first to talk numbers with a seller. Anyway, thats my take.
Mystical Marti
Persistence wins over Resistance, Every Time!
First off, you could run it by the owner like kita57 said. All they can do is accept your offer or reject it. Are you sure the prop. is free and clear. When you talk with the owner, listen to them as to why they are selling. Don't start off the conversation saying I will do this and then do that. Listen to what they have to say first. Believe me if they feel like they can talk to you, they will give you a whole book of info.
Next, There is an investor out there that owns a ton of props. I know this because when we go out to visit my daughter in Kenton, I am always looking for deals. There web site is cashflowequity.com or cashflowandequity.com. click on this site and you might be surprised as to how you can purchase a prop. Good luck on you hunt...Jan
thanxs i just wanter a little input befor i tried this to make sure its possable ill be talkin to the owners this week thank you bob and sandy
ps ill keep you informed
robert a sanfilippo
Here is a suggestion... before worrying about if they like your proposal, talk to them to find out what they need out of the deal...might be cash now, might be cash in 2 years. I had a deal 3-4 years ago where the free and clear owner wanted small monthly pymt ($300) but wanted cash out in 24 months so he had time to arrange his tax position.
talked to the releator they have 2 propertys 31k 34k 1000 month rent each and they own free and clear gave him my idea and he said he never heard of what im asking but he will ask them ??? it is a little differnt but its all i can come up with till i get my credit fixed witch im working on now i have a 1 year plain to get 45k out of debt with just my job income i make great money but cant borrow any now but in 1 year ill be fine so for now this stradegy could get me started so i dont have to wait ill keep tying if this one doesnt work there are a lot more out there only shot i have right now it realy is a win win for both of us
robert a sanfilippo