Basic info
Personal-BAD CREDIT will not qualify for a mortgage at present
Not much money for a down payment perhaps only 1000 dollars
Currently renting at a rate of 660 per mo.
Good income from job (47000 yr.)
Hardly any outstanding debt
Property-
4 unit MFR
3 units currently rented at 550 per mo.
Exterior is in good shape int as of yet unknown
Property is located in a lower end of decent neighborhood-Which is about 1 Yr away from several completed large construction projects (All medical field several new hospitals, research facilities, and universities)
List price is 109,000
How can I get in. I plan onowner occupying and was wondering how I could sell the idea of a landcontract or master lease agreement to the current owner.
Jaynostic,
Have you had a phone conversation yet? He may be willing to hold the paper on it especially if you plan on living in one of the units. He will have the cash flow however you will have all the headaches of managing the property. Bottom line is how can you make an offer if you don’t pick up the phone and call? Hope this helps…
Dubeman
BTW let me know what the seller says… don’t leave me hangin…
Great point. I just gotta call and see if we can do anything. By hold the paper you mean a contract to purchase within a certain period of time, similar to a wrap-around? Sorry I’m new to this haha.
hold the paper means owner finance of some sort, whether it’s 1st lien, 2nd lien or the whole shebang…
Thanks for the info, I’ve been reading and researching alot lately and that term mustve slipped by, its all kinda running together haha.