Updated almost 19 years ago on . Most recent reply
deal or no deal
alright i am looking for some thoughts and/or suggestions on this one.
my story: me and a friend were sitting at our desk 1 day pondering our future, as the company i work for is going through bankruptcy. I currently own my own home, and he rents. Well for YEARS he has been wanting to buy the property from his landlord (it is a 2 family), but lets just say his motivation to get it done has been lack luster. So that day at work we started to get into the rehab/rental/flipping property. While my experience consists of fixing everything in my house (i am very mechanically inclined), his experience was that of a construction site foreman. So short of having to rewire the whole house we can do all the work ourselves.... Now to the questions. We came up with an offer of $60,000 to purchase the property. And the owner (whom inhereted the property and thought he was going to make a killing off of it do to some nearby activity) pretty much laughed at the offer. Since then we have actually found another 2 family at a cheaper price $34k and are going to be closing on the deal in 2 weeks. So, now his landlord comes back to us with another offer of assuming the loan, guess he just wants to break even at this point.... However, his loan is not assumable..... so any ideas on types of offers that we can present to him?