Hello, I am a beginner in Real Estate investing, so I obviously need a lot of help!I need a suggestion about a deal I am working on. There is a property in Atlanta, a single family, that has a lot of equity in it. Owner already relocated and eager to sell. Property was appraised for $145.000 and owner wants $120.000.
What would be the best way to structure this deal?
Thanks,
Msard.
:
What does the owner need or want? Does he want is cash out, just some of it out? Once you know what he wants you will know how to handle it. He’s qualified for 2 mortgages so if he doesn’t want his cash out - you could buy it on a lease/option or lease purchase. You could also take over his existing payments and pay him the equity difference between the 120K and the mortgage balance. Is there a real estate agent/broker involved?
The choices are many - find out what the owner needs and accomodate him/her - then you have a deal. You will still need to structure it properly to make a good deal.
KEC
Hello, IWINUWIN. Just wanted to thank you for your advise. We’ll see how it goes. I will let you know if I’ll get this property.
thanks again,
msard.