OfflineHi D.G family Im new to this Im ike an engine reving
the pedal & about to shift to drive Im renting this
place from my lanlord @ $1,250 monthly it's a duplex w/another tennant renting near me, she wants to sell
Should I check if it's assumeble or any morgage,leins
square footage & divided w/realestate calculator.
I have to do more research & commputing,what I want to know is what form should I use & also for the tennants next door!
, This is going to be my very first deal Im so exited can't wait to shift to drive Thanks!
Ps.Pls.P.M If anyone can HELP!!!!
__________________
well alot depends on what you plan on doing with the property if you acquire it. Do you wanna flip it to another investor? Do you wanna buy and hold? Do you plan on using conventional or creative financing? Why does she wanna sell? Determine if there's enough equity in the property. Answers to these questions will help determine which forms you would need."DealMakers" feel free to add to and/or correct me if i am wrong.(Still a rookie myself)
Dan1 gave you a good list to start. Here are other factors to consider.
Since you already have a relationship with the owner, set up a meet, ask questions and LISTEN, this is key JUST LISTEN and be yourself. You are not Dean, YET!!!!
You have other things to consider also like what are the comps in your area. Go back at least 6 months.
Is the owner in trouble with the prop. You will find out by asking the right questions.
Is the mortgage assumable
Will the owner carry a private mortgage or land contract for the prop.
Do you have the $$$ for a downpayment
Is there sufficient money in the deal to produce a positive cash flow. meaning after all your expenses is there cash left over to bank
Jeremy and I have acquired all of our props from FSBO's with owner financing which is a great way to generate monthly residual cash that builds and builds.
Let me know how this works out for you. I would be glad to help you out if I can...Jan