All Forum Posts by: Alberto Cordova

@Cheryl C.  That did cross my mind but i figured this could be a win win situation.

@John Jackson  Thank you for the information. I did speak with her about a Lease Option but she decided not to go through with it. I will mention it to her again in the Holidays when I see her in person again to see if maybe anything has changed. I didnt want to continue insisting and making this a negative feeling to her. So I rather just wait and maybe next time. 

I will make sure to keep his info saved. Thank you.

I think think of mentioning to her but then I decided not to to want her to feel like I am forcing or anything. Now that you do point it out it might be a good idea to see what she says and if she agrees well its a go if she does not well it never hurt to ask.

As for the sales price wouldn't that be determined on its FMV at the moment?

@Michael Baradell I did talk to her today and and decided not to go through at the moment. Since she has no equity on the home and she would end up losing money. 

@Kasey Villareal  Thank you, PM has been sent.

Thank you Mr. Gibbons.

@John Jackson I did not know they had any hear around the valley. Any idea when the next one will be? Would be interesting to go to one. 

At the moment I do not have the answer to all the questions just one I did look in zillow (122,254), homes.com (129,400), realestateabc (122,254), homevaluehunt sent me a report of houses around the area which prices fluctuate... I will be talking to her tomorrow into more detail about the subject. I do know that shes has had the property for a little over a year.

@Michael Baradell The reason I call it a deal because I can help someone and make some money as well. What I was planning on doing is Market the property and if the situation fits. Due a lease option, take over the mortgage, find a renter and rent out the home for cash flow. Of course I am still unaware how much is renting in that neighborhood yet.

@Brian Gibbons. I don't see it as much as forcing a deal, she came to me saying she is interested in downgrading home. Her knowing that I have been getting into Real Estate she asked. That's why I want to see on what I can do and turn this into a win win situation. Of course as investors we do have to see if the deal will profits us or not. 

Couldn't agree more, we all want to to do a deal that would be a good one :)

Hello everyone, I might have a potential first deal!! Its actually a relative of mine and she is interested in selling her property since she is thinking in downgrading her home. At the moment she has a mortgage on the home. My question to you would be what type of strategy would I use to approach this? A lease option? She is not having any issues with payments just wants to downgrade. If I do take over the mortgage would that still affect her debt-to-ratio? 

Thank you all in advance for the assistance.

Don't forget to also check out BP Ultimate Beginners Guide to Real Estate Investing. 

Awesome write up, I was actually on Craigslist to see if there was any I buy homes etc information. and did get some phone numbers. Then I thought "I wonder if BP has had this discussion before?" and indeed yes came across your post. I will also try the other information you put as well I am a local investor that is just getting started. Though i would take my time to start forming my buyers list. Thank you.