[b]Although this is my very first time investing I just received a call from a man who is willing to sell his house for $325k in Long Island NY. He seemed a bit desperate, he said he just came out of a nasty divorce and is trying to get rid of this property asap. I’m trying to find out what’s the best possible way to do this deal with outspending any of my money down? I was going to see if I can get a 1% commision fee to the bank once the closing is official, does that sound right? Any suggestions would be greatly beneficial?
Thanks in advance[/b]
Hey Chosen1 what is the house appraised at roughly? That would help in my thought’s. Also are you a Realtor?
I’m not a Realtor but I was going to have them get involve so that I can expedite this deal before the 45days are expired. The house is appraised at roughly $400k
So its appraised at 400k and he want’s 325k so there is a total of 75k in equity. To be totally honest the reason he is calling you is because most investors will only offer his 70% or $280k for this property.
That being said and I know that’s not what you wanted to hear there are ways to still get the deal done. Try Craigslist.com post a ad on there Appraised at $400,000.00 Divorce forces sale at $335,000.00 and see if there are any buyers on that price and get him to pay you a $10k marketing fee at closing. (This can be done in many ways contact an attorney or the title company)
Thought for you there are old investors and there are Bold Investors. I have yet to meet a OLD BOLD Investor. To buy at less then 20% is a pretty bold move.
My partner and I are from Long Island and we do business here as well. What part of Long Island are you from, and where do you do business? We too are beginners, more like infants and have been somewhat in the industry for about 5 months now and we are full steam ahead. We should talk, maybe we can learn from each other since so far your the only one on this forum that I think is from NY. Our laws are so much different than everyone else’s, so it’s hard to gauge an answer from a question that comes up. But we’re all the same in being investors and its all done the same way just different strategies. Good Luck.
Thanks for the advice, and yeah I’m open to new ideas and strategies in investing. The propertie in question is in Uniondale, LI. I’m a newborn LOL, just started a lil over a month.