"How Do I Get This House...?" Need Help - Posted by Rob

Posted by Ed Garcia on July 08, 2001 at 14:45:11:


You really haven’t given us enough information. You ask us how you can get this house, but we don’t have any information on the house?
If it’s a good buy? What is it worth? What is owed? Will the seller carry paper? Will the seller sell it on a Wrap-around? She may even
consider a partnership, if you can convince her that you are going to cover the debt-service.

We also don’t have any information on you?

The fact that you mention that you want to rent it as a section 8, tells me that market rents are LOWER, or you wouldn’t be thinking the
way you are. If it won’t be positive CASH FLOW with market rents, then I wouldn’t buy it.

I buy property based on economic sense, which in this case would be market rents. I want to experience cash flow and appreciation, and
my concern when purchasing based on section 8 rents is that it could be in a neighborhood that will experience little or no appreciation.
That’s important for financing and re-financing. Don’t get me wrong; I have no bone to pick with section 8 rents. It’s just that the proper
way to analyze this is based on market rents.

If the seller carries back and you don’t have enough equity for a refi to take her out, then it’s a bad deal for both of you.

Ed Garcia

“How Do I Get This House…?” Need Help - Posted by Rob

Posted by Rob on July 08, 2001 at 11:32:39:

A house is being sold the seller, the daughter is putting up the down payment and paying the closing cost. Because the mother passed away and they can’t afford the house. She also buy home in September from the same realtor that’s listing this home. I want this house and I would like to rent it out to section eight tenants. They pay $1,500 for a four bedroom, but the kitchen needs to work before section eight will approve it. The problem is I have all my funds are tied up in two other projects. And only one account so it’s probaly hard to get a mortgage with basically no credit. How do I get this house?

Thank you,


Re: "How Do I Get This House… - Posted by BBrown

Posted by BBrown on July 09, 2001 at 24:10:35:

Does the seller have credit .Pay for the repairs add it to the sales price.There are possibilities for no credit situations.