Posted by rturner on July 14, 1999 at 09:00:22:
maybe i’ll ask you for advice from now on!!! good thinking 'USE YOUR RESOURCES" get busy and good luck!!
First offer ideas a la Sheets - Posted by Joel David
Posted by Joel David on July 14, 1999 at 07:31:54:
Right now as I am going through the course I am looking in the real estate classifieds and trying to see what method I would use to purchase the property creatively. It is kind of good practice, I guess I am simply used to living by the sellers written terms in the ad and not thinking hey I can give you your price but lets do it this way.
I think the easiest thing for my first real offer would be to ask my dad if I can use his home equity loan. They have a $200 000 home free and clear. I just moved into a $85 000 home so I do not have a ton of equity, and what equity I do have I am planning on using to fix it up a bit. Any how, this way I am thinking, my dad can write off the interest, I can get a good amount of the down payment (using none of my own money) at a good monthly payment and then either ask the seller for a mortgage for the balance or get one at the bank. Does this sound like a good way to go about it for a first time? Fortunately I have pretty good credit myself so I feel it will work. Let me know what you think.
Re: First offer ideas a la Sheets - Posted by PBoone
Posted by PBoone on July 15, 1999 at 01:29:06:
Great idea, if you do decide to use the cash make sure you NEVER PAY RETAIL.
When we buy ALL CASH our HIGHEST offer is 70%FMV for move in condition. Always remember we are suppliers of real estate in the business for the profit only to sell or rent to users of real estate.
Pat