Original message
| Mark(Vegas)
   |  "ANOTHER CONDO, FIRST RESPONSE TO MY ADD"
, Sun 20 Aug 17:14 
This one is a luxury condo, 3/2, 1 car garage. In a gated community, owner is asking $129,000 3 years old. Models are still selling at $135,000. Has used prop mngmt, real estate co. to rent out without success and is tired of having this property around. Question; if they can't get it rented/sold, what makes me think that I can? Stats: She owes $96,000 and monthly PITI, and HOA is $1060. My thoughts: if I can find someone (who'd pay $135,000 for a condo?)who'll L/P at rates and purch for what I feel I need to do this, who is my market?
Mark(Vegas)
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| wgreau
| "Re(1):ANOTHER CONDO, FIRST RESPONSE TO MY AD" , Sun 20 Aug 18:03:
Mark: Your market is the people that cannot (Correction by PaulieShark forum moderator) get normal financing and really want to get some equity build-up started rather than renting. They are looking for your opportunity. It may take a few weeks to find one that meets your criteria but you can find them. Ask her "if I were to pay you in all cash, what is the lowest price you could accept"? You might be surprised. You could then advertise it "For Sale by Owner ... no banks needed.
Owner will finance this gorgeous 3/2 Condo in gated community for only $XXXX down and $XXX per months (P&I)". You buy the condo "subject to" the existing mortgage, put it into a land trust and make the payments on the existing note out of the cash you receive from your buyer. There should be an balloon payment due in five years with an option to extend a year for a max of two years (if desired). There will be others responding to your post. I have to run as I am late for a meeting. Best wishes.
William Columbus OH
[this message was edited by Shark on Sun 20 Aug 21:48] |
| | wgreau
| "Re(3):ANOTHER CONDO, FIRST RESPONSE TO MY AD" , Mon 21 Aug 16:25
Doug: Thanks for telling me how to correct my own posts, I didn't know that ....thanks to you, I do now.
I would much rather sell to someone that can qualify for their own financing and cash me out (most of the time). Sometimes I want to carry the paper for leveraging, income, etc. When one pursues the sale of a property via normal financing channels it can take months, and in some cases longer. What makes your property more attractive or valuable to a qualified buyer than one down the street or a few blocks away... or a new build for similar $ where they can dictate wall covering, carpet, etc? Not much, unless you have the price very low...or get lucky in finding just the right buyer. When you advertise "No Banks Needed...owner will finance this lovely 3/2, blah, blah, blah with 10% down and monthly payments of only $XXX. Your telephone will ring off the hook (almost). The seller needs to be patient in screening their callers and firm on getting the amount of Dn Pmt they advertise for. Getting 10% down takes a little more time than getting 5% or less down. I have always been able to sell my properties in less than thirty days this way. If I need some cash out I can structure a 1st for 60% FMV and a 2nd for 40% FMV then both are readily saleable should I choose to do so. I could even structure the note so I could sell a partial that would provide the amount of cash needed and have the remainder revert back to me for my portfolio. Lease options are not the only way to get into a property with no money down and achieve a fast sale.
When there is no equity available then L/O is probably the best way. When there is equity you can acquire by being creative then I like offering cash at the closing (which I accomplish by putting a buyer in there...using seller financing... prior to MY closing with my seller). Did I state that in a manner that is easily understood, or not?
William Columbus OH
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