Possible Owner Carry...

Hey everyone, I am a novice at real estate investing and would like your assistance.

I found a possible owner carry duplex for $110,000 with 15% down. She is a very motivated seller but I have no money to put down and she has already stated that taking a 2nd mortgage is out of the picture. What would you do. THe property is a good investment. oh oh

Comments(3)

  • BAMZ18th December, 2003

    Hi Thamara,

    As long as the number make sense on the property, get a private money partner to loan you the 15% down, and give them a 2nd mortgage in return!

    BAMZ

  • myfrogger18th December, 2003

    If she is truely modivated she will go down from 15%. Oftentimes you will have to convince her that you are stable and the best way to do this is with cold hard cash. Trust is key. Work on that end of things.

  • DaveT19th December, 2003

    How much cash flow will the property produce if you can get 85% financing?

    If the seller is "really" motivated, ask her to take the downpayment ($16,500) in installments. Perhaps, $1500 at settlement and 15 monthly installments of $1000 each. Propose a payment plan that you can meet.

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