Posted by Clair-MO on July 09, 2002 at 11:54:55:
Deborah, If you have good credit you can use paper as a down payment and have the owner to discount the paper if he want cash so he sell the note for the down. Email me for more information.
How to get sellers attention - Posted by Deborah Redding
Posted by Deborah Redding on July 09, 2002 at 06:43:39:
I recently came across a deal that I thought was great. It is two buildings with a total of 7 apts. The owner is selling them for 85000. The rents total 2100. per month. He bought one building for 10000, in 1996 and the other building there is no record of a transfer. The apts are in a small town located on the main street across from the bank and local harware store. They are very run down and will require a lot of cosmetic work. My problem is that the owner does not have leases on any apt. They are always full but he does not collect deposits or take applications. I have checked with a couple of banks and they both want leases for me to be able to purchase them. I made an offer for owner financing with a 1 year balloon and was rejected. I am going thru two realtors so I can’t talk to the owner directly. Any Ideas on how to word an offer to get the owner to look favorably on a owner financing for atleast one year.I am new to this so any advise would be apreciated
Re: How to get sellers attention - Posted by Mike Daly (Atlanta)
Posted by Mike Daly (Atlanta) on July 09, 2002 at 08:01:08:
If he owns it free and clear, you could offer 30% down with him owner financing the rest. Then you could get the 30% down from a hard money lender.