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Updated over 4 years ago on . Most recent reply

User Stats

2
Posts
1
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Dusty Tatom
  • Shawnee, OK
1
Votes |
2
Posts

Buying a rental with cash?

Dusty Tatom
  • Shawnee, OK
Posted

Hey everyone, I've currently run across a property that has sparked my interest. It would be my second rental property and my first I did not use a realtor with as it was a for sale by owner. 

I currently have a line of credit open and I've found a property that has suffered an electrical fire in the garage, I'm going to inspect the extent of the damage tomorrow in person. I wanted to make a lower "cash" offer. Essentially writing the seller a check IF we can agree on a price. My question is basically for those who have done this sort of thing before.

If we agree on a price do we just meet at a title company, make sure theres no leins, etc. and sign the title over?

Should I come up with a contract that is basically no more then a bill of sale?

Never been in the position to essentially "write a check" for a property and was wondering how those who have done a similar deal handled it?

 Thanks, Dusty.

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