OfflineA property I have under contract is not getting sold.. I think the problem is most of my investors don't know where this little town is or it's too out of the way.. but for whatever reason, it's not appealing. It's a brick duplex that just needs minor repairs. Asking price $30,500 which includes $3000 profit to me. Well, now the owner is thinking about asking 1/2 or close to 1/2 down and financing the balance for a year. How do I work my profit into this so that I get paid up front? My creative thinking cap is broken tonight!!
shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Seems that you should try to get more investors or try harder to convince one of the investors you already have why it would be such a great deal. Put an add in some papers or whatever you have to do to get it sold before the owner gets a buyer of their own.
Think like a man of action, act like a man of thought
You get it under contract and then assign the contract for your fee (the assignment fee).
When I do an assignment, the buyer gives me cash or a CC for the fee at the time that he signs the assignment. Then he takes your place in the deal. You do not have to wait for escrow to close to get your fee.
You must have an escrow company or atty (depending on your state) that knows how to do assignments.
Karen
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Ok, great! I already have 2 or 3 people interested.. so I would treat it just like a regular assignment and add my fee to the purchase price I market it for. This will be the first owner finance for me so I wasn't sure if there was another way I should do it. Thank you!!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Keep It Simple Shirley!
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
You would assign this deal with terms...
$18,000 down ( 15k for property plus your 3k fee)
Owner financing for $15,500 for 1 year ( these are the terms)get the details from the seller as far as interest rate%. It would be even more appealing to a buyer if you could get seller to finance for a year with interest only payments.
Hope this helps.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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To your success,
Carol Stinson
I know, right? Sometimes I try to over think a simple thing! :/
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
I'm not sure I understand how the buyer could pay interest only. Are you saying there would be a balloon payment at the end of one year?
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.