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Deal Advice

travis

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Oct 10, 2009
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I have a lead. Trying to figure out what to offer so any help is appreciated. Exit strategy is Rent To Own.


ARV: 320,000
Asking: 330,000
Mortgage: 256,000
Payment: 814.00 (bi-weekly)
Current: Yes

SO ~ 64k in equity. The seller is open to seller financing (AFS) and is motivated.

What would you offer/ how would you try and structure this?

Thanks,

Travis
 

Thomas Beyer

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QUOTE (travis @ Apr 14 2010, 03:19 PM) SO ~ 64k in equity. The seller is open to seller financing (AFS) and is motivated.

What would you offer/ how would you try and structure this?
What is the reason to take a lot less than market value ?

Write an offer .. see what he accepts ! Do you know if he accepts $1 to mortgage or $30,000 or $50,000 ?

Have you done a rent to own ?

How many properties do you own besides this one ?

rent to own does NOT work for novices ! try it after you have done 3 or 4 "normal" deals only !
 

travis

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Hi Thomas,

I wrote him a couple offers and he didn`t accept.

He needs to sell fast due to a personal financial bind. He wasn`t against seller financing but wants to get cashed out without going on MLS.

Thanks,

Travis



QUOTE (ThomasBeyer @ Apr 15 2010, 10:28 PM) What is the reason to take a lot less than market value ?

Write an offer .. see what he accepts ! Do you know if he accepts $1 to mortgage or $30,000 or $50,000 ?

Have you done a rent to own ?

How many properties do you own besides this one ?

rent to own does NOT work for novices ! try it after you have done 3 or 4 "normal" deals only !
 

Thomas Beyer

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QUOTE (travis @ Apr 16 2010, 11:25 AM) ...
I wrote him a couple offers and he didn`t accept.

He needs to sell fast due to a personal financial bind. He wasn`t against seller financing but wants to get cashed out without going on MLS.
..
find the highest price you`d be comfortable with .. and stick with it .. and phone him every 2-3 days .. once/week minimum !
 

markl

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Oct 1, 2007
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On the Exit Where is the property?

What is the average income in the town/neighbourhood your buying in? Is this a property a first time home buyer would purchase?

Is this an average home in the area?

What is normal rent on this property?

Do you have tenant buyers already in place?

Regards,
 

travis

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Thanks Thomas and Mark.

Other than a couple of properties in the past I haven`t been following up. I`ve just left the door open. Great advice.

I read your book, Mark, and found it extremely useful. The forms have come in handy too! Thanks.

Travis.
 
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