Need some direction on putting this deal together! Please and Thank you!
Here is were I have to decide which direction to take this deal.
Last week I found a deal on a REO, I do not have financing in place yet so I call a investor I know and put him on it. I am his buyers agent on the deal. I negotiated a $35,500 price for him and I recieved the bank accepted contract today. My real estate broker thinking tells me I may can put a buyer I have in his home a make 6% of 65k commision (I would get both sides) = $3,900 - FMLS and my company fee still leave $3500 to me (I love my new company I pay $300 per transaction.). My REI investor thinking tells me to find a home lease purchase it and make 2k up front and $200 per month and 10k on the back end. Here is a where I get lost on the deal. I know how to purcahse it and I know how to get her in the home on a lease purchase, but 1) - I do not know how to get the lender to allow me to get paid 10k at closing on this deal? 2) - Also, she wants to purchase the home in 3 to 6 months so as far as I know even if I was on title as owner she would have seasoning issues with her lender? I can call a lender friend of mine tomorrow and see what he thinks. I started looking for hard money today and that will solve the REO purchase problem in the future. But not sure how to do the LO deal to her? 3) - Also, if I get the 2k upfront I do not know if the lender would count that for part of her downpayment?
Any all all thoughts would be greatly appreciated.
Here is were I have to decide which direction to take this deal.
Last week I found a deal on a REO, I do not have financing in place yet so I call a investor I know and put him on it. I am his buyers agent on the deal. I negotiated a $35,500 price for him and I recieved the bank accepted contract today. My real estate broker thinking tells me I may can put a buyer I have in his home a make 6% of 65k commision (I would get both sides) = $3,900 - FMLS and my company fee still leave $3500 to me (I love my new company I pay $300 per transaction.). My REI investor thinking tells me to find a home lease purchase it and make 2k up front and $200 per month and 10k on the back end. Here is a where I get lost on the deal. I know how to purcahse it and I know how to get her in the home on a lease purchase, but 1) - I do not know how to get the lender to allow me to get paid 10k at closing on this deal? 2) - Also, she wants to purchase the home in 3 to 6 months so as far as I know even if I was on title as owner she would have seasoning issues with her lender? I can call a lender friend of mine tomorrow and see what he thinks. I started looking for hard money today and that will solve the REO purchase problem in the future. But not sure how to do the LO deal to her? 3) - Also, if I get the 2k upfront I do not know if the lender would count that for part of her downpayment?
Any all all thoughts would be greatly appreciated.
Dan
www.danbuyshomesfast.weebly.com