I have a homeowners who’s looking to sell asap.
House is in good condition and he’s not behind on payments. He has no equity and can’t afford to pay Agent commissions or even other closing costs.
How would anyone here approach this? Can I make any money in this situation? He owes $258k, and has tried selling for $285k with no luck. Is there a creative financing technique that could be used here? I’m not familiar with lease options, sub2s, etc… so any tips would be appreciated.
thnx.
If he just wants out (maybe he knows something?) you can offer to lease option at a monthly rate that is less than his current mortgage. He can likely handle some portion…$300/mo or so.
Then you can lease to someone else for the full amount and pocket the cash flow.
This all in theory, of course. Gotta find the renters and sell him on the idea
There is no reason to continue looking at this property. Find great deals, not market value deals. If you want to do creative financing then do creative financing on a great deal.
I would be a Billionaire if there was a way to pay market price and make money. I’d just buy every house on the market. 
Hopefully you see my humor.
You can still make money with a lease option. Suggest a lease option to him. You need to find someone to “rent to own” it for maybe $100 more than he’s paying or even just to pay his mortgage. Tell him that once you find the “renter” you will charge an option fee of say $3-5k (thats your profit). Now he doesn’t have to make the payments, is making $100/mo. and will have the equity when the refinance to get a new mortgage and you just made 3-5k. Everyone’s happy.
I recommend finding the buyers as soon as possible, you should really have done this first, but start asap. Tell him to give you 30 days. Good luck. :beer
:cool RUN RUN there is it sounds like any way something you are not getting told and really should know !!! :flush