Hello everyone my name is demone I have a question? and i’m hoping someone can assist me, in my quest! I found A property that’s for sale by owner,ask price is 19k to purchase or rent to own with rent $630/month, the value of property is 35k owner is motivated and wants to get out of the landlord business, here it is the house a existing assumable mortgage on it! that can be assumed for $750 with bank acceptance" now I have bad credit will the bank accept my assuming the mortgage?/ if not what path can i take? or is there any private mortgage companies that I can contact? I have another nuder cintract it is a office building, the asking price was 300,000, but i got it down to
100,000, i’m don’t know which way to move on this one because I can’t find financing to close the deal, the owner of the office building will donate 20% off of purchasing price or apprisal price, i think is a good deal ?
thank everyone have a nice day :o
The bank will not let you assume the loan with bad credit. What is the credit actually like and how long ago. Most banks will not look at bankrupt before 7 years and a lot will not at all ever. It will not hurt to try however. You do not want to lease purchase the house for $630 per month.
Getting a new loan from a hard money lender or other private source may be the best option or a partner. You could also flip it to another investor for a small quick profit.
The office building is probably out of your league. Flip it to someone else asap without risking much earnest money.
Hi tedjr I want to thank you very much for your assistance , and your advise is well taken that’s what iwas going to do with the building? and the signle family deal I was going the hard lender path thank you very much
have a wonderful day to
Hi tedjr iwant to thank you and everyone you supplied me with some input , your advise is well taken, and i was goimg to filp the building, and the residentail deal I’m going the hard money lenders.
thank you so very much