Re: Doesn’t look like a good deal, does it? - Posted by Bill Gatten
Posted by Bill Gatten on October 23, 2000 at 20:59:38:
This could be a good deal if it doesn’t cost you any thing (no down, no loan, no payments, no expenses and no direct credit risk).
To do what we teach (thank you Bud), you might offer to just bring the loan current and take over the property completely.
When the seller’s head starts to bob…the first thing is: Get an option to buy in 30 days. Then advertise for a buyer. Next, put the property into a PACTrust with the owner and have your resident co–beneficiary cover all the closing costs and make all the monthly payments.
To get the payments up there where they belong (above normal rent), you give the tenant (as a resident beneficiary) a portion of the future appreciation; a portion of the loan pay-down; full use and occupancy and 100% of the interest and property tax write off…and charge 'em for it.
In other words:
The ad says hy Rent? The Benefits of Homeownership can now be Your. No Down! No Ban Qual! 3 pmts and clos costs moves your in. $285K 3+2 only $2,150 per month plus tax and insurance. Call now.
When they call, you merely say: “Yes I have this really nice house over there on — Street: and if you can afford the payments and the $xxxx that it’ll take to get in…I’ll just give it you. The only thing I want out of it is to have to you sell it or refinance it in your own name in a few years, and at that time if there’s been any appreciation, I’d like to split it with you.”
'Sounds like a workable deal to me.