Need help for Phoenix sis' - Posted by loubarreiro

Posted by lou on December 04, 2000 at 01:19:29:

Josh –

I greatly appreciate you taking the time to suggest things.

I hope this turns into something which helps my sister.

Again, Thanks.

lou

Need help for Phoenix sis’ - Posted by loubarreiro

Posted by loubarreiro on November 29, 2000 at 18:23:49:

My sister just moved into a 4-plex in Phoenix suburb. The owner said to her, “I’m getting too old for this, you should buy this from me.”

Knowing I’ve taken the C.S. Course, she’s asked for help. I haven’t done any R.E. deals myself though and I sure don’t want to steer her the wrong way.

The owner wants $150,000. That’s all I know.

If you have experience… what is the first thing that comes to your mind with an opportunity of this type???

Thanks.

Re: Need help for Phoenix sis’ - Posted by josh

Posted by josh on December 03, 2000 at 23:27:53:

j

Re: Need help for Phoenix sis’ - Posted by Josh

Posted by Josh on December 03, 2000 at 23:21:17:

Well, the best deal would of course depend on the exact details. However, my recomendation is a land-contract with the present owner. If the present owner is an older person, they probably have equity in the property and would be open to carrying the note themselves. If this is the case, your friend could probably negotiate a nothing-down, low interest rate deal. Let us know about any details you can get. And find out if the person would be open to carrying the loan . . . maybe not for the entire 20 or 30 years, but hopefully for 5 or 10 years with a balloon payment due at that time.

Josh K