Posted by JoeKaiser on November 21, 2002 at 20:24:51:
There are many things to consider here, but he biggest unanswered question is . . . what does he want? It’s silly to make an offer when you don’t even know what he’s looking for (at least having a general idea).
Go talk and figure out what he needs and then work it to give it to him in a manner that allows you to make a buck yourself.
Joe
Got A Deal - Posted by Juan Cortes
Posted by Juan Cortes on November 21, 2002 at 19:03:16:
Hey All
I met with a owner today in pre foreclosure whom wants out of there home. They are behind 6 months on there mortgage payments lost job and is looking to just start fresh. Numbers look like this
Market Value 280K
principal 81,860.38
Behind 9,125.55
Taxes 4,500
2-units at 900.00 per month
Property is in good condition only needs minor work like carpets and paint.
Now comes the hard part . there is plenty of equity in this home I need to make a deal here. I’m wondering which options to go with… I was thinking of contract for deed with me paying back his back payments and getting the deed. the mortgagewould still be under his name until I can sell it.Then in turn agreeing to take 5% of the equity of a sale of the house with me giving him 25% to the owner.
I also was thinking paying it all cash and give him some walking money like 10k then in turn sell the home at a discount for quick sale and pay back my investor and split the profits 50/50 with him…
I also was thinking wholesale it with me getting the owner to sign a contract then selling the home to a buyer or investor for about 20% more then my purchase price with the owner…
I would like to know if my options are my best bet to offer the home owner or they are other options I have here… like can I do subject 2 here or any other methods…
please any ideas I would love to hear from all you experience investors out there on my best options.
Thanks in advance
eliteprops