does anyone know of a good book or websites that have real good creative financing techniqes? what to do what not to do that sort of thing. tips and secrets, legal of course. anything helps. im in NJ if it helps.
Sergio,
I have found Bill Bronchick's "Financing Secrets of a Millionaire Real Estate Investor" a great read. There are some things in here that I would not have thought of. Is there a specific situation that you need advice on?
Jesse
4th August, 2003
well i dont know if this has to do with financing but i have a motivated seller that wants to sell but when i asked him how much he wanted, he was really close to market value. now i have a buyer that is looking to move in to that area i was thinking of trying to nego the price down a little and putting it under contract then going into contract with the other buyer at a little higher price. do i need to apply for a mortgage and close first? how would i structure this deal? i really dont want to tell the seller that im not the actual buyer. im going to meet with the seller tomorrow.
Sergio,
I do not understand the deal??
What are you trying to do? L/O, rental, subject to? Why is the seller selling? Why are you buying? What are the terms of the deal? What is the seller looking for? I will need to know a lot more before I can help.
Jesse
5th August, 2003
well the seller wants to sell because he wants to move to kentucky, he's looking to get 290K for his 2 family he's pretty modivated ,as an investor i want to offer him 240-250 so i can flip it to a regular buyer i have for 290-300. i just dont know how to structure this deal. or what wordage to use on the contract. i want to act like the middle man in a way.
You will need to have an option to assign the contract to another buyer. This needs to be in your realestate contract. I would see a lawyer to use the correct terminology for your area. Then you can have the other buyer show up the same day that you are going to close. Then sell the contract to the new buyer, not the house. It does not matter if all three of you are there. The seller cannot backout of the contract and you have the right to assign. The seller is getting what he wants by getting rid of the property, you are getting what you want by selling the contract for a profit, the buyer is gettin what he wants, the house'.
Sergio,
I have found Bill Bronchick's "Financing Secrets of a Millionaire Real Estate Investor" a great read. There are some things in here that I would not have thought of. Is there a specific situation that you need advice on?
Jesse
well i dont know if this has to do with financing but i have a motivated seller that wants to sell but when i asked him how much he wanted, he was really close to market value. now i have a buyer that is looking to move in to that area i was thinking of trying to nego the price down a little and putting it under contract then going into contract with the other buyer at a little higher price. do i need to apply for a mortgage and close first? how would i structure this deal? i really dont want to tell the seller that im not the actual buyer. im going to meet with the seller tomorrow.
Sergio,
I do not understand the deal??
What are you trying to do? L/O, rental, subject to? Why is the seller selling? Why are you buying? What are the terms of the deal? What is the seller looking for? I will need to know a lot more before I can help.
Jesse
well the seller wants to sell because he wants to move to kentucky, he's looking to get 290K for his 2 family he's pretty modivated ,as an investor i want to offer him 240-250 so i can flip it to a regular buyer i have for 290-300. i just dont know how to structure this deal. or what wordage to use on the contract. i want to act like the middle man in a way.
Get an option and assign it to your buyer
Offer 200k
You will need to have an option to assign the contract to another buyer. This needs to be in your realestate contract. I would see a lawyer to use the correct terminology for your area. Then you can have the other buyer show up the same day that you are going to close. Then sell the contract to the new buyer, not the house. It does not matter if all three of you are there. The seller cannot backout of the contract and you have the right to assign. The seller is getting what he wants by getting rid of the property, you are getting what you want by selling the contract for a profit, the buyer is gettin what he wants, the house'.
each deal i look at is different from the 1 before. situations that arise is when creative financing comes into play.