Zero Down Scenario
I need input on the best way to approach a zero down deal. Its an 85 year old lady that owns the house free and clear. Assessed value is approx 80k. I know there are many zero down avenues you could probably use here. All things being equal, which method(s) would give me the greatest chance of being successful here...without scaring off the poor old lady. The Forums brainstorming here would be great.
Ask her what she wants. Chances are at her age, she has kids that would be fighting over the money from the sale of this house. IF you are trying for a zero down deal, you might suggest to her that it would be better for her family to earn interest on this money instead of getting it all in one lump sum. Even at 8% interest, thats not a bad return for her and her kids. Personally I would convince her to take $1,000 now and 8% over 10 years with a balloon. If she wants all the money up front, ask her for a 90 day option to purchase the property and go ahead and find a buyer in the 90 days and flip it and cash her out.
try a 100% owner financed note. Perhaps a contract for deed?
If you're buying below market value (86% or less) then I can structure no money down private financing. Contact me (look under my profile) and we can discuss any options you have.
Talk to you soon,
James