Posted by jimi on July 27, 2001 at 09:17:27:
from my view, the key is getting the “seller” to make all payments until your tenant/buyer drops the $10k and takes possession.
If you can make tht happen, then you’ve nothing to lose. You’ll then be playing “beat the clock” - finding a tenant/buyer who agrees tht $10k plus $1500/mo for the subject property is the right deal for them…
good luck, Jimi
(I’m in the Tysons/Fairfax market by the way)
Motivated Seller in VA - Posted by Buddy
Posted by Buddy on July 26, 2001 at 21:46:14:
I ran across a very motivated seller in VA (Virginia, not Veterans Administration) today. He just closed on a 153K two story colonial in good condition, in a good neighborhood, you know, 5/4 and a door. 4/2.5. Its a little dated but in good shape. Paid 154K for it and closed yesterday. He cannot afford it and wants a cash buyer TODAY. He said that he may be responsive to a PACTRUST but would prefer cash. He has a 7.25% 30 yr loan at approx 150k with no payments having been made yet, and approx 1200 piti/mo. How can I optimize my efforts on this one. I think I can get it l/o or pactrust with no money down, can get approx 1500/mo and sell to end buyer at 165k with 10-15k down from them. how does that sound?
Re: Motivated Seller in VA - Posted by jimi
Posted by jimi on July 27, 2001 at 06:03:23:
looks thin. why do you think market value for a quick sale is $165k when he just paid $153k?
what would it rent for?
is it listed w/ an agent?
can he make payments for a few months?
Re: Motivated Seller in VA - Posted by Buddy
Posted by Buddy on July 27, 2001 at 06:36:17:
The market value is not 165k, but it could be to an end buyer if we do a lease purchase, I could easily get 1300 rent but could get 1500 on a lease purchase or pactrust. No it is not listed, and yes it is a skinny deal but if I could get the seller to make payments until I find a pactrust or lease/purchase buyer, I could make about 10k upfront and 300/mo during the term.