JohnBoy !!! - Posted by Aaron

Posted by JohnBoy on June 29, 2001 at 11:55:06:


For the most part the type of deals like the example in that article are deals that have little to no equity. That doesn’t mean they can’t be done if the seller has a lot of equity, it’s just that they will be less of those type of deals to be had. If the seller has a small mortgage where they have a lot of equity then it’s going to depend on the seller’s needs as to whether they will need any of their equity in cash or not. If they NEED cash then you will need to find a way to structure the deal that will get them their cash. If they don’t NEED the cash and they are MOTIVATED then getting them to carry all or most of that equity may be possible. We would need more details on the specific deal in order to help with any ideas.

As far as just switching a few numbers and the same type of deal being feasible, yes, the deal can work regardless of the numbers as far as dollar amount is concerned.

On the $170k home with decent equity, what is decent equity? How much? What is the house really worth? What would the house rent for in that area? Does the seller NEED any of the equity out of the property? If so, how much of it? What do they need it for? Is the seller motivated? How motivated? How old is the loan? What is the balance of the loan? Interest rate? Terms of the loan? What are the property taxes?

JohnBoy !!! - Posted by Aaron

Posted by Aaron on June 28, 2001 at 17:42:20:

JohnBoy’s article about buying homes between $200k and $400k is the best I’ve read!!! I would love to know how, if you switch just a few #'s, is the same deal is feasible.

That’s my initial ?, but if more details are neccessary to answer it let me know and i will furnish them.

Your input is honestly requested.

Say you have a seller with a $170k home, decent equity, and a small mortgage, how do you do a lease option without money and make it benificial for you, the seller, and the person you L/O it to??