HELP Time Running Out.
I have a owner looking to sell his house to me. He wants close to 40K and he owes 161K on a first and second. The house appraised at 240K 3 months ago.
I dont have the 40K to give him but I cant pass up a 40k profit deal in the making.
Any suggestions on how to do this? I dont have an exit strategy planned except to run an ad and sell. I'd like to do a sub to on it but dont know really how to do it. I am willing to split with someone if needed.
This is pinellas county florida and in a very good neighborhood. The county appraiser has the tax assessment at 205K
Any help is appreciated. Am talking to him on Monday 9/15/03 at 6pm. Also he said it only needs minor cosmetics.
I am a newbie but I am sure that the old heads may be slobbering over this deal. The calvalry will arrive soon
Please review my profile and send me a private email. Need more details regarding the property and transaction.
[addsig]
Certainly with that kind of deal you should have no problem gettng an investor to go in with you. Put together you numbers for the exit ( costs etc) and come up with answers to the questions as to how much money you need and how much money you will make(projected)
[addsig]
Would you be interested?
Quote:
On 2003-09-20 08:43, GFous wrote:
Certainly with that kind of deal you should have no problem gettng an investor to go in with you. Put together you numbers for the exit ( costs etc) and come up with answers to the questions as to how much money you need and how much money you will make(projected)
Based on the information you have stated so far, this looks like a very workable deal.
I have some programs that offer LTV's that can work in this situation. I do need to have an idea of where you credit stands. Are we talking low 600s, 500's or 700+? What is your Debt to Income ratio? What do your W-2’s state for the past 2 years? Can you do full doc or stated? Do you have a mortgage now, own multiple properties or will this be your first purchase? How is your housing payment history? How much money can you respectfully come up with to pay for any costs or down payment? When you answer these questions I can inform you about the programs we have in greater detail. I have multiple lenders that can do these loans. I know my financing is good and readily available, I simply need more information.
Please call me or email your contact numbers and information and I will call you. You can find more information on my business profile.
Respectfully,
Phil ~
Phillip Herrejon[ Edited by Pherrejon on Date 09/20/2003 ]