Good deal - what's easiest way? - Posted by Eric

Posted by Richard on March 08, 2004 at 19:35:57:

worst case… find someone to lend money at a rediculous 12% short term interest rate. much better than splitting profit 50/50

Good deal - what’s easiest way? - Posted by Eric

Posted by Eric on March 08, 2004 at 19:03:12:

Saw an appraisal that was done 1.5 years ago says this house is worth 226k. House is in an incredible location, good school district, very nice neighborhood etc. Person said he will take 200k for it because of personal reasons, needs quick sale. Already found another house which he is going to use the money he gets from this one as the downpayment. His principal is about 186k. I should have little problems with unloading the property myself, but don’t want to go through the hassle of financing this house myself and then turning around and selling it. He will not do a lease option.

He wants to list with a realtor, and I don’t want to risk the realtor getting rid of the property first. I have limited cash myself, but have investors that will give me cash. I would like to avoid using there money, because of then having to split it 50/50. I know that it’s better to get something than nothing, and I will go that route if need be. But what else can I do???

I am also a mortgage broker and do have realtor contacts and whatnot. Any help would be appreciated.

Re: Good deal - what’s easiest way? - Posted by Tom Kirby (p.a)

Posted by Tom Kirby (p.a) on March 08, 2004 at 20:22:20:

I’m new at this just learning. I would get comps, that house could be worth 240,000 now. If they look good I would ask the seller to refinance,that would get him the downpayment he NEEDS,then he could sub2 the house to you if the numbers still work. Then do your L/O, or assign the sub2 to another invester. Hope I got this right. If anybody sees fault in this please scold me.