Posted by Ed Garcia on March 06, 2004 at 10:17:31:
Fernando,
What are you crazy when you ask ?How does this deal sound to you??.
If your numbers are right and the deal is as you?ve described, you?ve got an AWSOME DEAL.
Fernando, you don?t give us any information on your credit, but based on what you?ve described, you shouldn?t have any problem going to a small bank and getting 100% financing.
If I were you, I wouldn?t lease/option it because based on your post, you need cash, and this deal with the equity that you?ve given could allow you that in selling it outright.
I am going to negotiate a deal on a house on Sunday afternoon. The house from what I have been told only needs work in the bathroom to be rentable. I have only seen the outside not the inside, and from what I have seen its in good shape. He is a motivated seller due to a divorce and recently moved to a different part of the state. The 2 bedroom, 1 bath house come with a empty lot across the street. Nothing is owed on the house, he owns it free and clear. The houses in the area comp out at 45-50K. I can talk him down from 12K to 8K, and sign a contract with a 30-45 day closing. The thing is I have just invested my money in other investments, so I now have limited funds, so I plan on flipping it or doing minor repairs and lease with an option.