6 Props, Rented, LC - Posted by John B

Posted by Rob C on June 08, 1999 at 06:00:50:

Why not get a money partner to make the down and split the future profits in some ratio (Bill G’s PAC Trust would work well here)? Or, get a hard money loan off of another property to fund the down and as the tenants leases come due, do the l/o using thier option money to pay your loan back. Or you could tie up the property with a 45 day closing and assign your deal to someone else hopefully making a few bucks.

6 Props, Rented, LC - Posted by John B

Posted by John B on June 07, 1999 at 19:15:14:

Hello, i have a seller motivated to get rid of his last 6 houses, due to moving out of area. He has all 6 for sale on land contract individually or together. He is asking 2,500 per prop, 3 year land contract with ballon. Propertys are priced between 40K and 60K all under market. All properties have current long term tenants in them. He does not want l/o or any of that conventional or Land Contract. I want these houses, i do not have the 2,500 down for one house let along all 6! How can i get the cash out of these houses for these houses? Since they already have tentants i can try to get l/o tenant/buyers in there or i would consider using there money for dp on each. Any creative ideas before these are gone?

John B

Re: 6 Props, Rented, LC - Posted by Joe(IN)

Posted by Joe(IN) on June 08, 1999 at 21:01:30:

Here’s an idea you may consider.

Since you have 6 properties to work with you get a new mortgage on just 1 property. This would provide him with more than enough cash. Then adjust the purchase prices on the other properties as needed to reach the desired numbers.