GaryinNC

I appreciate everyone's advice. Thank you.

That is not exactly what I wanted to hear, Michael. How about using the tenant/buyer's credit and information. If I told the seller that my partner would provide that information, that might work. Problem is, right now, I don't know who my tenant/buyer is going to be.

I just made a sandwich lease/option offer on a house via email, and it just occured to me: what if the seller wants my financial information and wants to check my credit? I don't want to be filling out applications and giving out my info! Any thoughts from anyone?

If a seller needs to raise cash, say to pay real estate commissions, couldn't they assign a certain number of rental payments to an investor in return for a chunk of cash? Has anyone had any experience in this particular thing? And if this can work, would that not open up listed properties that have no existing mortgage to either lease-purchases, or buying on a note?

I am thinking of making an offer on a listed house. The offer I have in mind is half now, half in five years. I don't want to buy the house myself, just flip the contract to someone who can get a loan. The house should appraise for about the price I'm going to offer. The first mortgage would be for ten years, at about five percent interest(market rate), with a balloon in five years. In five years, there would have been about 22 percent of the purchase price paid on the loan. At the end of five years, refinance, borrow 78 percent of the original purchase price, pay off the existing loan and pay the other half of the purchase price to the seller. The big question I have is: will the bank demand that the buyer make a down payment? If they do, the deal is probably dead because part of the appeal of this deal for the buyer would be a very low down payment(paid to me). Any thoughts would be appreciated.

Thanks Doug. You're emailing FSBO ads. Are you also emailing FRBO ads? What do you typically say in your emails? I hate calling on ads on the phone. Gotta get used to doing that I guess, but I'd much prefer to email.

Congratulations Doug. Would you be so kind as to tell me how to find those motivated sellers? I've been running ads, calling some ads, mailing to owners of listed properties, but so far, nothing.

I live in North Carolina. I never dress up for business. I just dress casually in pants and sport shirt, and try to be clean and not look sloppy.

That's a good idea. I'm gonna do some of that.

Thanks for the comments. Other than REO's that I might be able to get cheap, it seems like the only way to do anything with "listed" properties is to make an offer that amounts to an option, and see if I can assign the contract to someone for a fee. But with the REO's, I would have to bring in a partner, which I don't like doing.

The realtor that I am working with is a friend, and when I asked him about trying to do a RTO on a listed property, he said it might work if I paid enough up front to cover the commissions. But I don't see how I can do that unless it is for rent payments in advance. I don't think I can pay 6%, or more down, and then make monthly payments. And ideas? Or comments?