Creative Financing
Hello all, I hope someone can help me with this deal.
My credit union is offering a REO for 50K I want to offer say 38K because i know they have not had any offers for a few months.But I want to do it with as little money down as www.possible.Is there a way that i can do this for 50K with money coming back to me in the end?assuming that they would even accept my offer. Btw, I have done deals like this before with private owners but never with a financial institution.
Not sure I get your question.
If you are asking if they will take the offer it depends on their need to sell.
If you are asking if they will sell the place to you at the suggested price and give you money back at the close I don't expect them to do such a deal.
Can you clarify what you really want to know?
John
[addsig]
What type of rental is it? Low-mid or high income area?
[addsig]
It's a mid-income area. It's a very big 1 BR apt (actually 2 stories--the attic above was finished into another room). Rent is ave. for area.
Part of the problem might be the appearance of the building--other half of duplex was a HUD foreclosure and is in rough shape. (Too much of a project for me!) Was being rehabbed and is now up for sale again. The exterior of the building could use some "curb appeal," but I can't due much about that this time of year. (Just bought it in October) It's really nice inside.
Other investors in area have been complaining about slow movement the last 2 months, but this is rediculous! I'm going to post tear-off signs in nearby laundromats, grocery stores, businesses tomorrow and try to get a sign to put on the corner at the intersection. Tired of throwing money at the newspaper.
I have been having no luck with the newspaper this time of year either. I have a sign in the yard that I am getting a lot of calls from but it is all people who can't afford it. I have decided to go Section 8 on one of my units. Maybe you should consider that.