Posted by Jasonrei on January 17, 2003 at 20:18:25:
If you are confident you can sell it to someone else for over $600k you might do the following:
1.See if he will give you an option to buy the property in 60 days (or 90 or whatever) for his full price of $500k, or whatever you think he will sell for. Maybe give him a $4,000 option payment. Make sure he has clear title and record your option.
2.Buy it w/ owner financing and make payments til you sell it.
3.Get it under contract and find a buyer to take your position in the contract.
How do I structure this? HELP!! - Posted by Carlo
Posted by Carlo on January 17, 2003 at 19:38:32:
I’m dealing with a seller who is selling his half acre property in a well developed area in my neighborhood. He’s selling it for $500,000. He owes a 1st mortgage on it of about $65,000. There is a 2/1 house on the propery renting for $750/month, but the attraction of the property is more about the land than anything else. After talking to him, he mentioned that he would be willing to finance the property. My thoughts is just to control the property and option it to either a contractor or developer for $600,000 - $650,000. That way I can get in and get out ASAP. I’m fairly new to investing and would hate to mess things up on a seller financing deal. Any help or advice would be greatly appreciated. Thanks much!!!