All Forum Posts by: Heather R.

There is a really nice property I found that is worth around $795k, but the approved short sale is $480k. What is the best way to purchase as far as: 1) down payment. Is it possible to somehow take from the equity as a down payment? If it's not 20% can they do an 80/20 to avoid PMI? 2) I think I'll be approved for $420k max based on salary and excellent credit. Any ideas around that? 3) I'd like to keep the house and either move in or rent. The area is highly popular. Used to be a hidden gem until last several years. 4) any other ideas i may not know about? Thanks for any input

@Tom T. @Account Closed

I need to clarify that the property is a rental right now and I'm the renter.  I was going to buy it and flip it. I was just looking into the Wholesale part and it seems like the best bet.  The neighborhood is extremely desirable and house rentals or sales go quickly on my side of the town. I also have 2 people who have asked several times for me to keep my eyes and ears open for upcoming sales in my community. I found out the following:

1. Double close or simply assign the deal and use none of your money. The new buyer will pay closing and his money will be used to close the deal. The seller profit will come from the new buyers money and your wholesale fee as well.

2. If I double close I will need to make sure I have a buyer lined up at the closing table. I will by the property from the seller at 1pm for the agreed amount of $70K and use money from a transactional lender. They will lend me money for a few hours to close and I will pay them back plus interest once I resell the property to my end buyer. I will make sure I have a buyer that locks in the deal . I will close with the end buyer at 3pm. For the agreed amount of $80k. I keep the difference in profits after the lender is paid. 

What are your thoughts?

I am in a rental home for 3 years now and asked the owner if he was interested in selling and he said yes.

I got him down to $240K and said he would do a regular sale or lease-to-own option.

The homes in my neighborhood are going up. The latest home that is the same model as mine, but more updated and sold 2 weeks ago for $350K. The listing was for $325K and apparently, there was a bidding war with several buyers. Another just sold for $240K for a 2/2 with minimal upgrades like mine.

I am not in a position to give a down payment due to certain circumstances that are taking place this year. What would be the best options for me? He is pretty flexible from what I'm gathering. He also has $3,000 of my security. I have good relationships with people on the HOAto which one is my neighbor/friend. I also have 2 friends who are real estate attorneys, but haven't discussed the situation until I know where I'm going with it. I really don't want to stay in this house if I have a choice. I think it would a good flip as an option and considering the price and having instant equity it sounds like a win-win situation OR I maybe I can rent it out if I do the lease-to-own and charge $500-600 more than I'm paying in rent now.

I want to jump on this ASAP since the price is so low.

Thanks for the info, Michael! I will definitely look into it!

I have a similar situation that I need advise on.  I'll break it down as follows:

1.  I am in a rental home for 3 years now and asked the owner if he was interested in selling and he said yes.

2.  I got him down to $240K and said he would do a regular sale or lease-to-own option.

3.  The homes in my neighborhood are going up.  The latest home that is the same model as mine, but more updated and sold 2 weeks ago for $350K.  The listing was for $325K and apparently, there was a bidding war with several buyers. Another just sold for $240K for a 2/2 with minimal upgrades like mine.

I am not in a position to give a down payment due to a certain circumstances that are taking place this year. What would be the best options for me? He is pretty flexible from what I'm gathering. He also has $3,000 of my security. I have good relationships with people on the HOA to which one is my neighbor/friend. I also have 2 friends who are real estate attorneys, but haven't discussed the situation until I know where I'm going with it. I really don't want to stay in this house if I have a choice. I think it would a good flip as an option and considering the price and having instant equity it sounds like a win-win situation OR I maybe I can rent it out if I do the lease-to-own and charge $500-600 more than I'm paying in rent now.

I want to jump on this ASAP since the price is so low.