Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums

Recommended Posts

I was going to wait a bit more til I got more comfortable with all the parts of a l/o BUT I saw an ad this weekend that said:

 

 

$500K to $750K Private party looking for creative opportunity to purchase single level, single or posssibly dual family residence, with 4 BD/ 2BA

minimum, no heavy car traffic, no pool, no HOA. Santa Barbara/Goleta.

Up to $750k price range or maximum mo payment with taxes & Ins 3500-4000mo if

residence has income opportunity avail. OR $500k-550k 3bd/2ba for property without income potential.

 

All Inclusive Trust Deed (AITD)? (do an internet search for explanations)

Owner Financing?

Assumable Loan?

Me take over payments?

Lease with option to purchase?

 

 

I am a private party. I HAVE DOWN PAYMENT MONEY.

I am open to exploring mutually beneficial opportunity. Please email. Realtors with suitable opportunity cooperated with

 

So I left her a msg. . . and she called me back today. Get this, she is a financial investment adviser. She just finished her bk last month---marriage gone bad story (been there, done that).

 

Anyways she said she wouldn't want to lose her option money even tho she has about 15-20k for it. She says there is no way she will be able to qualify in a year or even 2.

 

She is just getting ready to sign a lease on a house---she will be paying $3500 in rent!!!! she'll rent out a room to take the edge off. She sounds like the real deal and she prob knows more than I do about all this.

 

Is she right is there no way she would be able to get a regular loan in a the near future? If I can find a prop for her I'd just turn her over to the seller. I may offer her some credit repair services tho.

 

Whatcha think oh knowledgeable ones? Thanks!

Share this post


Link to post
Share on other sites

Is she right is there no way she would be able to get a regular loan in a the near future?

Who can say without knowing the facts of her credit history? The best advice you can give her is to speak with a mortgage broker and get a professional, knowledgeable opinion. If it turns out she can get financing down the road, 12 months, 24 months, she might be someone you can help find a Rent-To-Own property and put some money in your pocket for your know how.

Share this post


Link to post
Share on other sites

Thanks Michael.

 

I will be talking with her a in a bit. Interesting that I found a house that would almost fit her desires BUT the owner is waiting for the contract & money to arrive soon. He said he's open to a l/o and would keep me in mind as a plan B.

 

What is the current amount of the option money---I know it's all negotiable but is there a basic rule of thumb?

Share this post


Link to post
Share on other sites

You're right, it is negotiable. But if I had to give you a generalization, I'd say around 3% option consideration is realistic. Of course, every deal is different and to the best of your abilities try and get the prospect to tell you first how much cash they have available. If you say $3K and they have $5K. . .well, you just talked yourself out of two grand.

Share this post


Link to post
Share on other sites

CH7 normally needs 3 years to finance

CH13 normally needs a year AND permission from the court to acquire debt.

Ask her if she filed 7 or 13.

If you can find an owner that can wait a few years you could match the up!

Share this post


Link to post
Share on other sites

Hey Thanks so much Pilot!! That is useful info---do you think that's California too?

 

Sooo, with all the experience you have are the l/o's pretty easy to you now?

Share this post


Link to post
Share on other sites

×
×
  • Create New...