Posted by Clair-MO on June 25, 2002 at 10:24:26:
BJ, Try lease optioning to purchase the property with -0- option consideration fee and pay a monthly payment which is within your budget by helping the “Mom” the children might go ahead and sell the property but also I would check on the law in your state about “septic tanks”? That could be a problem for you!!!
PLEASE…Help_Optional ways -Structure FIRST DEAL? - Posted by ‘BJ’
Posted by ‘BJ’ on June 25, 2002 at 05:47:34:
Hi Gang,
I have been reading this site for some time now, as well as, searching, watching for ‘good deals’. I believe that I have finally found one, if I can act on it quick enough! But, It has already been listed with a Real Estate Agency.
Family to sell family home,as well as additional lot with 2 liveable, fairly nice trailers on a seperate lot. The mother has been declared ‘incompetent’, family tired of dealing with the property, need money for providing Mother’s care.
Lot has the 2 rental trailers that have been rented out in the past, both are presently empty. Have been told I would need to put in a seperate ‘Septic Tank’ for this lot. In the past they have been joined-in to the Septic Tank for the ‘Master Home Place’.
The ‘asking price’ for the lot and the 2 trailers is only $10,000! I really believe this would be a ‘steal’ if I can come up with some alternative ways of approcaching them to sell. I had thought possibility of doing a ‘lease option with rights to sublet’. I do know the idea of a probable steady monthly income for the upkeep of the Mom would probably be appealing to the family. But, as I previouly stated - they are tired of fooling with it, so that could be ‘OUT’.
Would some of you great and knowledegable ones make some other suggestions, I have only been on this present job 3-4 months, so the possibliity of a ‘loan’ is out. Too, my debt-ratio is very high.
Once again, thanks so very much for all your thoughts and suggestions.
‘BJ’
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