Found A Property I Am Interested In Living In.
i found a property I am interested in living in , owner got home in probate from Mother, house is $500K he wants $449K he is willing to hold mortgage but needs $200K down is it possiable to get a bank to do a 1st with the property as collateral and have the owner take back a 2nd for the $249 with 0 interest with a 6 year Balloon. Or Ideas Please?
Sounds like a good idea to me, if you can get it.
0% sounds wierd
You are going to have to find out what the comps are going for i your area. Hopefully you already did this BEFORE you purchased the property to ensure you would be making a profit after all the bills are paid.
Do you mean rental rates or selling price?
Go around and ask local property management companies what properties similar to the one you are interested in are renting for. Then make sure it cash flows, take your mortgage payments add taxes, and insurance to it and see if you are going to be able to cash flow. Pretty simple.
If you want to get a rough estimate of what a house is worth for free. Call a local realtor and ask to get a Comparative Market Analysis (CMA) on the house. Most realtors well do this for free.
[ Edited by TheGodFather on Date 10/16/2005 ]