Posted by Rob FL on January 02, 1999 at 21:50:22:
How about have a seller financing (PITI) (you pay to him) equal to the amount of the seller’s rental payment (he pays to you). That way you stay rent free and he stays with a rental payment of only the annual taxes and insurance. You could rent for a few months and if he then decides to sell to you, he could keep your security deposit as the down payment.
Creative Ideas needed from Creative Minds! - Posted by BatPro (Adam)
Posted by BatPro (Adam) on January 02, 1999 at 20:50:05:
I found a quality duplex that was listed for rent. Owner (72 year old man - designed it himself) Said he would sell provided he could live in half of it as a permanent renter until he had to go to a nursing home. He said he has had 15+ people asking him if he would sell. But since I stopped and talked with him for a a long time in person (we really hit it off), he said he would give me first chance at it. He has no mortage on it. He is open to creative buying.
After an hour of talking he hasn’t mentioned a price but said he would ask his banker to appraise it and then we could go down from there. He asked me if I would rent the place for a few months before buying it (I think he wants to make sure he is selling it to someone that really will take good care of his home).
FMV = $150,000
My question is this: What creative financing techniques would be best for this situation. I would like to present him with a number of alternatives outlined on paper.
What I am interested in:
a) a good deal of course
b) a place to live for about 1 year with minimal monthly payments then sell or rent
c) I would prefer to not have to come up with much of a down payment
What would work here?
Please help ASAP
Adam
Don’t “present” anything . . . - Posted by Joe Kaiser
Posted by Joe Kaiser on January 02, 1999 at 22:09:57:
Man, you’re right there in the rocking chair, don’t move now.
Let him decide what he needs and what will work, and then figure out a way to give it to him. Don’t mess things up by writing up an offer or presenting YOUR ideas. He knows what he wants and is on the verge of trusting you and making you an attractive deal. Let him.
Listen listen listen. He’s probably already told you everything you need to know.
Get together again. Write down the “good” ideas he suggests and just keep going until all the pieces are in place.
People who like and trust you will give everything you need if you give them half a chance. Your job is to take what they give you and turn it into an agreement that solves his problems and provides you with a sweet little deal.
Stop making offers and start making money.
Joe