OfflineHi everybody,
I am just getting started in real estate and have come across a great deal. A 2 family home that is currently occupied, in a good neighborhood, that yields about $8500 net annual cash flow. the owners are retiring and have several other properties for sale. They are willing to hold the note for one year but would like a 7.5% down payment ($9675.00). They are asking 129,000.00. My dilemma, I have poor credit and no money and the corporation that I have formed is not yet considered "seasoned" and has not yet built up a sufficient "financial track record". Any ideas on how to come up with the $9675.00, I don't want this to pass me by.
Marc
__________________
Try working with the current owners and as Dean often says "find out their hot buttons". Maybe you can offer them a full price offer and have them carry the entire amount. Or, if the numbers make sense offer them an extra $1,000 say $130,000 if they hold 100% of the financing for the year.
You can also try to find a partner that would have the cash for the down payment. Another option could be to inquire to a friend or realtive that would be a private lender for you. As long as the numbers support the loans, you can factor what you can offer people for the use of the funds. I hope this helps. Good luck with this deal. Believe and Achieve.
- Joe
YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA
TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA
I'm working on their hot buttons right now. I've considered offering them to take back a second mortgage at closing for the $9675.00, not only would they get their down payment but they would make money on the interest as well.
Marc,
You could sell it to another buyer on a lease option and have them put down the 9675 as there lease option fee.
Good luck
Donna