Here's My First Deal - HELP!!!!!!! - Posted by John Jay

Posted by JohnBoy on July 15, 2001 at 14:01:59:

Why not just get a good mortgage broker to get your buyer financed through a B, C Lender and avoid all the hassles of having to take a discount on a note and find someone to buy it??? If you can find a note buyer willing to buy the note at closing for a minimal discount then you should also be able to find a lender willing to finance your buyer. The biggest problem you’re going to run into will be seasoning either way you go.

Here’s My First Deal - HELP!!! - Posted by John Jay

Posted by John Jay on July 15, 2001 at 13:39:52:

I’m just about ready to put a SFR under contract.

Here’s the deal:

FSBO SFR: $100,000
COMPS: $145,000

House is in excellent shape, 6 years old, owner moving out of Florida to New York.

Here’s what i intend to do:

I’ll buy for $100,000 (seller is firm on this price.)
Then I (investor) will “Seller will Finance” for $135,000
With 10% Down, 5% Second and a 85% First. (85-10-5)
I have a buyer lined up with B credit that will buy from me for $135,000

Here’s the question:

Where do I find a reputable Investor who will table fund
my Note at closing.

Note will be for: $114,800
Will sell note at closing for (85%) $97,500.

I need some help on this, as this will be our first deal.


John Jay
In sunny (darn hot) Orlando