1st possible deal... NEED ADVISE PLEASE!!! - Posted by lori

Posted by David Garcia on September 13, 2002 at 23:57:13:

You can ask them if they’re willing to due a lease option. Offer to pay $125,000 5,000 down. Have them carry 120k @ 8%apr for monthly payments of $880.00

Ask for $400.00 monthly credit. After a year you can just re-finance & cash them out.

I’m also a mortgage broker that can help you if you decide to get a loan. We can work with 5% down.


1st possible deal… NEED ADVISE PLEASE!!! - Posted by lori

Posted by lori on September 04, 2002 at 13:53:25:

Hello, I’m new to real estate investing. Possible deal for a single-family 2 or 3 bedroom home in the St. Paul, MN area. The location is wonderful, parks and schools. The homeowner passed away and the children are selling the house. They haven’t listed it yet, but have talked to a real estate agent. My guess, the hous is worth $ 125,000. Not much work needs to be except update carpet, floors and kitchen cabinets. I’ve talked to a loan officer, he has a program where I would put 10% down, with strong credit and earnings. Where would I get this type of cash??? Should I apply for a line of credit on the equity on my hose? How should I go about proposing a deal to the sellers so they except my offer. I’ve real the messages on this board, and have enjoyed them. I look forward to hearing from everyone. Thanks!