First Deal Need Guidance

Comments(5)

• 
  kjjackson13th July, 2004

  How about structuring the deal as an owner finance where you would cash the owner out after the house is rehabbed and sold. Or you might do an equity split with them on any profit above the $85K.

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  trayner13th July, 2004

  Thank you for your reply. But yet again another question. If I used the first option you suggested will the deed still be in the owners name? Basically what legal method can I use to secure that once I fix and market the house for sale I will reap the benefits? Thank you.

• 
  trayner14th July, 2004

  Update I just found there is 50,000 worth of liens on the property. How could I use this to my advantag or structure the deal.
  Quote:
  On 2004-07-13 14:52, trayner wrote:
  I am trying to work my first real estate deal with out using mortgage financing. Here are the specs seller is asking 85k for a 2 family in need of 25k repair. After repair house would appraise for at LEAST 150K. How can I structure or what are the correct terms for basically stating I will pay the seller once I repair and sell the property? which can be done in about 2-3 months. Note I have the money for the repairs. Please help I really want to start investing. Also can I or should I request deed be placed in my name? Thank you all.

• 
  Birddog114th July, 2004

  I would try to find out the payoff balance on the note, then offer 50k more than that to wipe out her liens, and have her walk away from it all. Use the liens as your leverage. She probally wants to split profits with you because she isn't telling you about the other 50k. So tell her you know, and see what she says
  [addsig]

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  trayner14th July, 2004

  Thanks Birdgog1 just one more question for you or anyone else. Is there a standard contract or term for this or do we just create a blanket contract form stating exactly what the terms are?
  
  Thanks again