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Harry Goodman
  • Investor
  • Harrington, DE
1
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What the best way to get these deals done

Harry Goodman
  • Investor
  • Harrington, DE
Posted

I have two possible deals both are properties owned by my father aka the angry landlord lol.  He owns one free and clear, its worth about 80k its a  single family, he also owns a  duplex that he still owes 65k on but the comps say it should go for about 115k.  He's selling it to me for 80k  I may be able to get him to let be have it 75-78  or both of them for 140k.  How can I  structure  this as no money down  deal or little money down deal. Im willing to put down 20k if needed to.  Any and all help will be greatly appreciated :)   

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

I don't know how I'd react if my son was asking me to take my 'life's work' equity at a discount AND with little or no money down.  It would depend on my goals.  Am I looking for long-term monthly income for the next 20 years?  Is my health kinda bad and I have a different use for the money now?  As his son, you know far more about his needs than us.  

Sounds like there is good instant equity there he is offering you already.  I rarely ask for both equity and low money down terms from a stranger.  If the seller was my father, I would try extra hard to get him what he needs vs making a killing off of him @Harry Goodman.    

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