Possible Deal Need Guidance
Hi,
I found a motivated seller. He just bought this house 3 months ago, brand new and very nice. He is being relocated to Arizona (from Washington) in 3 weeks and has already bought a new house in Arizona. He said that he cannot make the double payments and needs to sell. Info below.
- he bought for $516k in April 06
- interest only loan @ 7.2% for 5 years
- Payments $4000 (too large for L/O in this market)
- said he will pay $500 of the mort. for 1 year.
- willing to owner carry.
- no equity.
- he has tried to sell @ $540 for 1.5 months, no serious offers.
- just dropped down to $530k
- will allow to take over payments.
One person mentioned to do a land contract on this. I am not too familiar with a land contract, but would like to do it if it will work for this deal.
I would be willing to split any profits in this deal with a mentor.
Is there profit in this at all? If so, how do I go about doing it?
On financial part, you can hire somebody to record your book in Quickook. Once recorded, in Quickbook you can retrieve various financial reports. Check http://realestatetaxlaw.com/services.php
I use Profit Tiger Pro. It manages my sellers, buyers, lenders, mailings, offer, foreclosures, team, reminders, rehabs, bridogs, doorknockers. I can autogenerate my letters and paper work. It is pretty sweet.[ Edited by tbelknap on Date 06/29/2006 ]
Yawn @ advertising in a forum.