Posted by TC on July 02, 2002 at 24:18:37:
Mike,
If you crunch #'s right, no need for other invstr, remember you have dwn pymt fr: tenant/buyer (non refundable) not incl’ing mthly cashflow & back end profit.It’s a #'s game, re-do your #'s!
Help, I need some suggestions!!! - Posted by Mike : SEMichigan
Posted by Mike : SEMichigan on July 01, 2002 at 22:18:02:
I found a 2 bed 1 bath on slab no garage in working class neighborhood. Most recent sales on same block in last year closest selling price 13K higher then what they are asking.Price was just reduced to $39900. My estimate worst case is walkin in with about 10k equity.
PROBLEM I am unemployed fair credit rating no cash for down stroke. Any suggestions to possibly make this work.
Re: Help, I need some suggestions!!! - Posted by TC
Posted by TC on July 01, 2002 at 22:45:26:
Mike,
-How motivated is seller? can seller finance U?
-Lease/Option w/$0 dwn if possible, if not, give as little as U can afford to tie it (remember to have an exit condition and assignee rights). Sell to tenant/buyer w/dwn pymt greater than yours, keep diff’, depending on the mthly $,create + cashflow, I usually re-sell for highest amount agreed (min 10% more) between 2-3 years. This is just a scenario, you’ll have to work the numbers and open your mind, it suppossed to be fun!
Re: Help, I need some suggestions!!! - Posted by Mike : SEMichigan
Posted by Mike : SEMichigan on July 01, 2002 at 23:00:53:
Thanks TC for the reply. Seller motivation seems high
mainly due to price and comps. Yes I do agree this is fun but it will be my first offer and am a little nervous about it and cant afford to get jammed up on the it. I was thinking l/o get tenant with possitive cash flow then flip with tenent to another investor to create cash reserve.