Posted by Mike Schmidt (IL) on May 24, 2001 at 17:06:34:
If the tenant needs any help getting a loan, I would think offering him the house on a L/O would work. Collect a downpayment as consideration money, bump the rents a bit and offer a small rent credit over a two year program. Also you will inflate the price of the home some based on what you think it will be worth 2 years from now, since you will be holding the home for them. At the end, he gets conventional loan, pays you off.
You could also offer owner financing and charge a 9% to 10% loan rate on a 3 year ballon. This way you still have cash flow for a few years and your making interest on your money.
fsbo - Posted by Robert MI
Posted by Robert MI on May 24, 2001 at 16:29:24:
i have a rental that the tenants want oto buy from me.
? what is the best way to sell a house on my own?
i have a agent that i work with on some deals but i don’t want to pay the commission on this one because i already have the buyers lined up.
are there any great books on this subject. i would like to start selling my flips myself and cut out my agent. don’t get me wrong he is a nice guy but i do most of finding and fixing myself. if i get the selling part down it would by like giving me a 5% or 6% raise.
thanks friends
Robert Mi.
Re: fsbo - Posted by David FL
Posted by David FL on May 24, 2001 at 21:54:01:
Robert, Have you agreed on price? Can they get a mortgage on their own? (They can get preapproved in a matter of hours) Write it up (or go to a real estate lawyer and have him write it up. Then send them back to the lender. The lender will tell them what they need? Appraisal/inspections ect. They get an approval. Then back to the lawyer or a title company to close. And you get a big check. It’s very simple no need for a re agent. If you call the lawyers office they will tell what you need to do. You can each pay for your side of the closing cost, that should be decided when you agree on price depending on what they have to put down and what they will need per the lender. If you have a buyer don’t give away the commission! A little legwork could save you a few thousand bucks. That?s my idea, nice and simple,but I’m a simple guy.
I am sure that there must be some more creative ways “The Right Side Reverse Double No Down Back Option With The 100% On The Subject To With The 5year 50year Double Frequent Flier Miles” But it sounds to me like you have a pretty simple deal there.
Good luck! David FL