tara.lancaster 0 Report post Posted June 20, 2007 About a week ago, I sent you info on a property that I'm pursuing. The owner contacted me this afternoon and wants to discuss a deal by phone in the morning. She's asking 101,500(the appraised value) for the house and hasn't been able to sale it and it's been on the market for months. She took out a second mortgage on the house. She currently owes 86,000 on the house and her payments are about 850 per month and the rents in the area are about the same as their payment now that they've refinanced. She stated that she really needs some type of cash out of it. How can I make this a win-win situation with a possible little or no-money down approach? Thanks in advance! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 21, 2007 Tara, forget her asking price. It's irrelevant. The deal is very thin. She owes near appraisal value, and there's no cash flow. What's in it for you?If you still want it, offer a three year lease option for $90K, and her monthly payment. Give her one month's rent as option consideration, but only after you collect some option consideration from your tenant/buyers.Keep in mind this is a deal I, or many others, wouldn't do. Again, it's too skinny. But if you are looking for a possible solution, the above might be one for both of you. Share this post Link to post Share on other sites
