SHOULD I GET THE DEED OR....
I went to go see this duplex today.. and spoke to the owner... the story is his wife(getting divorce).. quit claim the deed to the him, cause her credit is bad.. so he could get refi on the property... but now she is not paying the mortgage.. and he is being foreclosed on... so my question is should i get a quit claim deed first... then do my homework... or visa versa...HE IS VERY MOTIVATED JUST WANTS TO GIVE ME THE DEED.
Raw data is
MARKET VALUE.... 84,000
LOAN AMOUNT.... 68,000
MONTHLY PAYMENT 827.00
RENT FOR BOTH UNITS 900.00
I AM GOING TO TRY TO DISCOUNT THE MORTGAGE... OR LEASE OPTION IT TO ANOTHER INVESTOR....
ANY COMMENTS OR DIRECTION WILL HELP..
CASHNOW
This is not a deal. This situation stinks. I would walk away from this one. Once you investigate you will see this is not a deal at all. Look at the numbers. This is a bad deal.
Cashnow:
Get both he and his wife to place their home into a simple Land Trust ($100).
Tell them you will pay up 100% of the $68K + Arrears and legal fees due and this will be your 'buy-in'' to obtain a beneficial interest in the Land trust.
Tell the couple you will find a suitable investor or Resident Beneficiaries to pay 100% of their monthly Mortgage, Taxes, & Insurance AT YOUR BUMPED UP PROFIT @ the $84K Sales price!
Part of your beneficial interest in the land Trust should state that any Future profits (over the $68K amount) IS 100% YOURS!!!
Once they agree(by setting up the LT & assigninh you an ABI), immediately place an Ad in the local newspaper or penny-saver:
"100% EZ Owner Financing!"
No Credit Check/no New Bank Loan!
Own 50/50 in this $84K Duplex Moneymaker! 10%+ closing costs moves you in! Call Cashnow at: (111) 111-1111
You are now able to resell your Beneficial Interest in the Land Trust to another investor:
-who has the $8,400.00+ closing, and
-pay the Mortgage, Taxes and Insurance
-whom also will occupy one of the
duplexes and
-mangage the other renter,
-handle repairs, etc.!
This is all accomplished using none of your (or their) Own Credit, No Bank Qualifying until 2-3 years down the road to refinance the divorced couple off the original loan!!
And most importantly IT ONLY COST YOU A LITTLE TIME + the COST OF AN AD IN THE NEWSPAPER!
Your only costs for this
Here's a GREAT OPPORTUNITY
[addsig]