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Need to turn this deal around - http://www.dealmakerscafe.com Forums

Original message

tyc00

63.10.3.227

"Need to turn this deal around" , Wed 2 Aug 14:09

I need help turning this deal around. I have a home with a 45000 price that I offered 10% for the selling finance. Owner will hold the mortgage for 5 yrs with the ballon due at the end. The home is over 1600 SQ ft. with a detached garage. By the way any newbies make sure to talk to your "Mentor" first on ideas.

May god keep you safe!

Replies:

tyc00

63.10.3.147

"Re(1):Need to turn this deal around" , Wed 2 Aug 20:09

Here goes: Offer is 45000 on a home assessed by the city for 46800 and was on the market for 50000. Offered the seller 45000 for terms of 5 yr balloon amortized over thirty years with an interest rate of 10%. Making paymnts of 394.18 for principle and interest only. Taxes are 1502 per yr.Seller owns property, there are no mortgages or liens per them, and will hold finance. Oh Yes NO MONEY DOWN!!!!! Questions: 1. Some ideas on possible ways to sell property? 2. How much to sell property for and amount to ask for down payment? To give an idea property is 1600 sq ft. Nice neighborhood

May god keep you safe!

lynnhahn

209.214.75.75

"Re(2):Need to turn this deal around" , Wed 2 Aug 22:05

Looks kinda skinny but why can't you do a lease purchase on it. You should be able to get at least a couple of thousand dollars down and some positive cash flow.

Option 2: Sell it for $54,000 on a contract for deed. $3,000 down, 12% interest, payments of $524.59 per month plus taxes and insurance. That's $3,000 in your pocket plus a positive cash flow of $130 per month.

I usually offer my properties on either "owner finance" or "lease-purchase" depending on how much they can put down. I usually require 5% down for lease-purchase and 10% down for owner finance (contract for deed etc.).

Maybe you could've negotiated a better deal, but you can still make some money on it. I'm glad you are out there doing deals and not just talking about it - Good Job!

Lynn

dealmaker
Moderator

32.102.65.142

"Re(1):Need to turn this deal around" , Wed 2 Aug 19:07

quote:
By the way any newbies make sure to talk to your "Mentor" first on ideas. ...

Chris' quote is referring to the deal.. he could have done better on the terms of this deal.. however, he DID complete his 2nd deal.

Chris:
I know about this deal. However, you're being to vague.. Give everyone the full details. Tell everyone what you told me today..

Give us the full details and list all your questions!!

Dealmaker

lynnhahn

216.78.39.129

"More info please???" , Wed 2 Aug 16:10

Give us more information on the deal so that we can help.

Lynn