Posted by John P S.FL on August 01, 2001 at 07:41:09:
Marlon,
The first deal I wouldn’t wait and I would take the deed pronto! I would then find out if the insurance company was paying off the first or not. You can always sell the property or lease option it out. The second deal you are speaking about, how much does it need in repairs? Can you do the fix up yourself and then retail the property? I hope this helps.
John P. S.FL
Please help with 2nd and 3rd deals - Posted by Marlon (OH)
Posted by Marlon (OH) on July 31, 2001 at 19:41:18:
I want to thank everyone again for all your help. I was finally able to get first deal last week. I now have a few more in the works but here are two that I could have signed today but was hesitant to do so.
First Deal:
Today I met with a seller for the second time in a week. She wanted 7k for her house and FMV is 35k. She was injured at work and her insurance is going to pay off the mortgage of 22k. When I met with her the first time, I asked her if she would take payments for the 7k. She was hesitant and she would like to have all the money at once. Well, today when I talked to her, the first thing she said is that she would take payments and she would give me the deed(I never asked). She’s not sure when her mortgage is getting paid off. Should I wait till its paid off or should I lease it from her and get the deed once the mortgage is paid off?
Second deal:
The owner was remodeling the house till his health prevented him from finishing. The second bedroom is unfinished and need LOTS of work. So there is only one good bedroom right now. He’ll let me l/o it for the mortgage balance of 16k. FMV is 35-40k. I was thinking of advertising it as a fixer upper because of the second bedroom. Is this a good deal or should I pass?
Thanks in advance,
Marlon(OH)