Posted by Rob on July 25, 2002 at 10:20:55:
I’m a newbie, however, keep in mind to be upfront with him, since he will be seeing BOTH sides of your contracts as seller and T/B
Good for you !!!
How to: 2 deals in 1! - Posted by AllanE
Posted by AllanE on July 25, 2002 at 10:01:57:
Greetings,
(I?m a newbie)
I need some suggestions on handling this situation. I have a seller who owns a 2/2 townhouse that would retail at $69,900. He needs $60K to pay off the mortgage. He?s in bankruptcy but has permission to sell. He wants a little larger home for his family.
He doesn?t want to sell until he has another home to move to. He is willing to do a L/O to get into another house in a nearby city. We still need to find that other house.
How can I control this deal to hold on to the townhouse deal while looking for a house that I can acquire to L/O to him? No contract has been signed yet.
Thank you!
Re: How to: 2 deals in 1! - Posted by Al - So Cal
Posted by Al - So Cal on July 25, 2002 at 12:40:18:
Personally I never wase time trying to tailer-make
a deal and satisfy someones needs.
Maybe if there was a huge profit I`d just go buy a
house and lease option it to him.
Re: How to: 2 deals in 1! - Posted by Marcos
Posted by Marcos on July 25, 2002 at 10:21:04:
First off, the townhome isn’t a deal. A $10k discount will disappear in no time at all. Keep in mind the 70% rule. This townhome isn’t a deal unless you can get it for $49k or less. Also, if by townhome you mean condo. Condo’s can be very difficult to sell in certain markets. I of course don’t know your market.
And then you want to Lease/Option to this guy. The guy is in Bankruptcy, and he wants a larger home. He couldn’t afford the home he has now. Not a good sign my friend.
I’m sorry Allen, I can’t see that I would want to do business with this guy. Don’t make his problems your problems.
Not to worry though, you’re learning something. I think I have learned more on deals I haven’t done, than in the deals I have done.
Marcos