juwonn,
You asked:
“Could someone give me some options as to what avenues to take for a low or no money down approach.”
There is not nearly enough info here for us to help you at all.
Talk to the seller and determine what they need, gather info about the property…values, rent rates, repairs, taxes, insurance, deferred maintenance, permits needed etc.
Come back here with that and THEN someone can offer you more.
Until then…good luck,
Jim FL
P.S. The best way to offer no money down, is to do just that…don’t offer any.
This morning I called a older lady who owns a two apartment complex. There’s no mortage on it. Right now there’s no tenants. She’s asking for 60k. Top unit rented for 300/mth, and bottom was 400/mth. I need a place to move into, and figured this one would be a perfect investment propery. Could someone give me some options as to what avenues to take for a low or no money down approach.
Posted by michaela-ATL on January 06, 2003 at 18:26:18:
what’s it worth?
Let’s say it’s woth 80k. You could offer her a short term ‘sub to’ for 1 month. make sure you have all your ducks in a row, are set up with a mortgage broker, who already prequalified you etc. have your appraisal in hand.
Immediately start your non-seasoned refi for 80% of appraised value. you’ll get a mortgage for64k, which will pay off the 60k to the seller and your closing cost. You will have a no down deal.
