Modesto area, renter, owner wants to sell, she told us...
Member since 2020 · 8 posts · 1 vote
We have rented this place a little over 4 years, the owner wants to sell it, but is willing to let us, as good tenants, pick it up for what is owed on the mortgage.
3/2 with a pool, garage, shed. Several fruit trees, Roof will soon likely need to be replaced, the attic is HUUGE, and full of future potential, houses in this neighborhood stay on the market no more than a couple months, and are in the $400’s
She owes ~$175k
I want to see this work out, because at first glance it looks like just the thing to get me started. I am just starting out with educating myself about real estate, started passively reading into the process just a few months ago and it dawned on me today, my first deal is quite possibly the house I’m in now.
Any and all responses/thoughts/advise/questions will be appreciated.
Verify all your numbers but if they are willing to sell it just for what they owe that sounds like a fantastic deal that I'd jump on as soon as I verify there is nothing fishy going on, it almost seems too good to be true.
@Rarra Avis this sounds like an AMAZING deal!!! I would make sure that the deal is done with an agent though, just to make sure as @Aaron K.pointed out I think it would be best to make a third party assist the transaction to avoid anything fishy going on because on the surface it does seem almost to good to be true haha.
But this kind of thing happens a lot and you guys being great tenants earned you this amazing opportunity!
The first step is to get yourself prequalified to purchase
you'll need to gather bank statements
pay stubs
proof of employment
etc.
Once pre approved you can get serious about making a move on this opportunity
best of luck and LMK if you have any specific questions I can help with
@Rarra Avis this sounds like an AMAZING deal!!! I would make sure that the deal is done with an agent though, just to make sure as @Aaron K.pointed out I think it would be best to make a third party assist the transaction to avoid anything fishy going on because on the surface it does seem almost to good to be true haha.
But this kind of thing happens a lot and you guys being great tenants earned you this amazing opportunity!
The first step is to get yourself prequalified to purchase
you'll need to gather bank statements
pay stubs
proof of employment
etc.
Once pre approved you can get serious about making a move on this opportunity
best of luck and LMK if you have any specific questions I can help with
im primarily focused on raising capital for two things, one is the price of a ticket, so i can Attend a 3 day workshop about multi-family investment, in Sacramento, the first weekend of September. The second is a course that covers commercial investment/business acquisition. Of all the information i have Gone over and reviewed free material for, and read reviews about, these two are the right level of intensive and insightful, with a supporting network to help with the learning process. The given strategy at its most basic level of explanation, is on point with everything else I have read, and definitely in line with my goals.
So in the mean time I’ve been adding to my LinkedIn network, reading more and more every day on here, and interacting more with the community. refining the steps to take and the order in which to take them. I appreciate the insight!