Real Estate Investing!

Weekly Test - http://www.dealmakerscafe.com Forums

Original message

Terry (Houston)

"Weekly Test" , Tue 13 Mar 17:29

Seller owes $86,500

Comps $140,000

7.25 int paid about 9 years so far.

Divorce situation owes wife $20k.

He wants $125 BUT wants to stay in the house. No repairs at this time but the house was built in 1992. He wants to lease the house back for 3 years till his sons get out of school. I am not sure Lynn and Dealmaker have been clear on their thoughts on that?!!???

Anyway. What is the offers to submit on this?

Terry

...There is no chance no destiny no fate
that can circumvent or hinder or control
the firm resolve of a determined soul...

Ella Wheeler Wilcox

Terry (Houston)

Replies:

Lynn
Moderator

"Re(1):Weekly Test" , Tue 13 Mar 20:18

Yeah...what Dealmaker and Jackie said!

Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?

Jackie

"Re(1):Weekly Test" , Tue 13 Mar 19:26

I agree with Matt - NEVER lease back the house to the seller.

You could help him get refinanced so he can get his cash out then stay in the house. Maybe pick up a point on the loan referral.

Then when he's ready to move out tell him to keep you in mind.

Sometimes - NOT buying the house is the best thing to do. Help him solve his problem and create good will -- maybe you'll get it later - - maybe you'll get some referrals.

Jackie

Dealmaker
Moderator

"Get out!!" , Tue 13 Mar 17:52

I never lease back the house to the seller. Never!
Dealmaker

Terry (Houston)

"Re(1):Get out!!" , Tue 13 Mar 17:55

he ehe hehe Thought that would get you.

Ok
Now if I can talk him into moving?

...There is no chance no destiny no fate
that can circumvent or hinder or control
the firm resolve of a determined soul...

Ella Wheeler Wilcox

Terry (Houston)