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Updated over 7 years ago on . Most recent reply

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Tyler Malkou
  • Gilbert, AZ
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Quick I need help first time home buyer with a great deal

Tyler Malkou
  • Gilbert, AZ
Posted
Found a outstanding deal on a local house in my area but I don't understand how to raise the funds for the down payment the house is 90,000 I'm only 18 & only been building my credit for a month there's a rent to own option but again I'm super fresh into this but I'm HUNGRY & TRYING SO HARD TO GET MY FEET WET I would either stay there to live & rent out the rooms small fix & flip or a whole sale it's such a good deal I can't pass it up or decide I just need some expert advice I'm located in AZ & just need some help

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Chris Mason
  • Lender
  • California
10,788
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Chris Mason
  • Lender
  • California
ModeratorReplied

Give it to one of the folks you're networking with at local REIA meetups, the smartest person in the room that is successful and honest. Ask them to compensate you as much as they feel is necessary to make it worthwhile for you to give the next one that you can't move on to them, too, if they like this one.

Poof, now you've got the 3% to 5% down payment on the next killer deal you find, that you can buy as an owner occupant. 

And you didn't lie - why WOULDN'T you send the following one their way, now that you don't have a down payment again, assuming they compensated you proportionate to how great the deal you dropped in their lap truly was? 

Yeah, they could just screw you. But I said to find the person in the room that is the smartest, who is also successful and honest. So they shouldn't screw you, if you can read character well, out of self interest.

  • Chris Mason
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