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ftlpdx

How can I make this work?

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I am interested in acquiring rentals in my neighborhood and doing L/O's. But I have a more immediate problem.

 

The house I'm living in is for sale. Two small homes on property, listed at $127K. Seller living in other larger home. Seller moving for climate/health reasons. Needs cash to buy replacement home. I have $12K income, $2K cash, and bad credit (student loans and a failed business startup).

 

For sale sign went up Friday. I wrote an offer yesterday. Two other offers have come in and all will be presented this afternoon. I've become emotionally attached to both the property and the neighborhood. How can I make this work?

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Hi, ftlpdx, and welcome to The Naked Investor.

It sounds as if you have already spoken to the homeowner. Is this correct? If so, what transpired during the conversation? Did he give you any glimmer of hope that he would be open to anything other than a cash sale and new financing?

If he is insisting on a straight sale using a Realtor, it seems your only hope is to be the high bidder and then arrange for financing. And don't eliminate your hopes for getting that financing, either, without speaking to a few money people first. You'd be surprised at the programs available for people who are first time buyers, bruised credit, low down, etc. You might want to start by contacting some of the mortgage people in this forum. Good luck.

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Hi ftlpdx,

 

Michael is right, there are quite a few loan programs that can help you out.

 

Perhaps you can give me a call sometime and we can discuss some strategies on how to get into this property. I can do 100% financing down to a 580 credit score and owner occupied.

 

Also, where are you located? I see ...pdx.. in your email address and am wondering if you are in Portland, OR?

 

How soon is the owner wanting to sell? Does the $127,000 include both houses or is it for each? Manufactured homes? Let me know if he accepts your offer.

 

Please feel free to contact me at your earliest convenience.

 

Andrew Ikeda (Mortgage/Investment Specialist)

US Funding Group, Inc.

888-889-1640 ext 220

360-433-6820 direct line

360-260-3272 fax

360-909-3374 mobile

 

andrew.ikeda@usfundinggrp.com and/or andikeda@netscape.net

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