No money down deal - any suggestions! - Posted by Dave

Posted by Dave on October 05, 1999 at 19:34:42:

Hello there,
I have come across a couple of No Money Down Deals, from a real estate investor. He wants 117000 for a triplex that generates $1550 a month, but currently isn’t rented, it is being renovated , and about $20 000 invested in the renovations. Including new heater, new windows, floors, it already has a new roof. There are 2 - 2 bedrooms and 1 - 1 bedroom units. It is zoned for a 4plex, and it has a basement not in use ( potential unit). Approximately 40 years old, will finance the whole thing at 6%. Taxes are $1836/ yr. Through my own research I discovered it was purchased for about 50 - 60 000 , through Power of Sale. So his investment after renovations is about 70 - 80 000. Any suggestions on how to negotiate this, is there room for any negotiations, he suggests its appraisal is about 129 000 , but that seems high after driving buy the place. Any suggestions will be appreciated, Thanks. Dave