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CONDO NEED SOME ADVICE - http://www.dealmakerscafe.com Forums

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Mark(Vegas)

24.234.133.250

"CONDO NEED SOME ADVICE" , Wed 16 Aug 19:52

Add reads $45000 OWC 100% financing. 2bd/1bth condo. The actual unit I have not seen but did see the one directly above. That unit is renting for $500/mo.I assume it is the same floor plan. This one is first story, a corner unit with security bars on all entries. Neighborhood is questionable. Day time is ok, but night time might be another story. Neighbor says adolescents are the biggest problem. All in all the units around it are nice. Rep says 'They don't use re agents' and she represents owner. So this sounds like a good opportunity, but. She said owner was renting for $700. I don't think so.
$550 at best. Is currently empty.
My offer: Nothing down, monthly payment to owner $350/mo subject to me locating a tb that will pay me $550 rto with $100/mo rent towards down payment for 3years and we split the best sales price we can get.
Question; I can't get rep to offer any info on owner reason to sell. Could be rep is owner. Never the less the neighborhood is my biggest concern on whether I can get fmv 3 years from now

Mark(Vegas)

Replies:

dealmaker
Moderator

32.102.65.47

"Mark..." , Thu 17 Aug 20:01

Hi Mark(Vegas);

I'll be in Vegas Oct 4 - ??.. E-mail me and we'll try and meet! I'm staying at the Hyatt - Lake Las Vegas.

Okay..your deal:

If it's OwnerFinancing..sure it's a deal! With owner financing you have no personal liability, it's not reported to the Credit Bureau, and you can pass along this to your buyer.

If the neighborhood is quesionable, I would do the deal and RE-SELL the Condo rather that rent it. Offer it for sale at 10% down and a few points higher that your rate (if you paying interest) and charge at least 20% that what you paid for it.

You'll have:
- CASH (from the downpayment)
- NO Landlord headaches
- No one moving in because of the neighbors.
and tons more..

MAKE SURE... there no Due on Sale Clause, and make sure there's an exculpatory clause (no personal liability..in other words there's no personal recourse if you don't pay).

Go for it!
Dealmaker