I have a deal where the Seller bought the house in 1970 from his Mom for 1.00
He is asking 225,000 I guess you could say market value, it not in bad shape currently rented for 1400.00 per month with excellent tenants who really dont want to move.
He is willing to hold the Mortgage for 100,000.00 cash down. I dont have 100,000 cash so I am thinking how can I get into this deal without any money and turn this into a win win for both of us.
I have spoken to him in length and know he needs the cash right now to clear off some debt. This Seller also owns about 12 other properties as well. So I was thinking of just aksing him... maybe doing something like this.
I really did like your Rential Property, and I see it is still on the Market, it has bee about 4 Months since me and the other Investor looked at it. Once we realized there was very little Cashflow we felt it would not work for us.
But I still can not help but think there might be away we can both win with this one.
I currently dont have the funds in place to make the purchase. I am wondering if you are interested in doing something well... "Creative" you have a Rential Property and I want a Rential Property.
I am thinking maybe we could come up with some kind of solution where you can get your price and I can aquire the home in a no money down deal.
So lets say, the Home may very well end up sitting for another 6 months to a year for sale, even with the Creative Financing your offering people still can not get loans to buy a home in todays Banking Market. Lets face it the Banks dont need the money they just got 700 billion dollars they are still sitting on, and they are not going to wake up until its too late and homes are just sitting empty.
What would you say to letting me take over the place at a 200,000 price? you hold the mortgage at 5% for up to 10 to 18 Months giving me time to do a refinance on the loan and cashing you totally out of the deal.
You get to totally walk away, I get the property and manage the Rential Unit. Yes I know its kinda out there but it is away a lot of people in my and your position are using to find Buyers.
Take your time and let me know what you think.
So what do you Guys/Gals think do I have a chance is it even worth it?
With the low cashflow would I be able to manage it?
Thank you all imput good or bad is greatly appreciated.
Life is not about the storm thats brewing, its about Dancing in the Rain!