All Forum Posts by: Alan Modracek

An uncle of mine has a banker friend, he actually owns the bank, so I figured if anyone could do it it would be him. He confirmed what you all are saying. Banks can do a lot with credit scores, but are unwilling or unable to move at all on the 20% of purchase price down payment requirement. I have some of it, and we put a plan together to have the rest of it before my lease is up the middle of next year without taking on debt more than the $116k for the mortgage. Its more work, but I think its worth it in the long run.

Thank you all for your advice, as I make the transition from renter to owner to either seller or landlord I will probably be back with more questions.

Thanks!

Alan

how do I find a local investor? Are there resources other than google?

That might be genius. I will call the owner in the morning. Thanks!!

Maybe the lingo I was using is incorrect. The purchase price is in the lease, I didn't write it, the owners lawyers did. As for it being enforceable, he has already signed the purchase agreement. The place is mine if I can get financing, although from the sounds of it that may not happen. I don't see any way to get that kind of cash before the lease is up in July, and I have no need to extend it. 

Thanks for everyone's input, though! It's been informative, even if it's not what I wanted to hear. 

Hi- I am currently leasing a property that I have made a number of improvements too. I wrote a purchase price into the lease of 145,000, the value when I signed the lease. I applied for financing and was approved from US Bank, but they want 20% down. The property appraised for 280,000. What are my zero down options? My plan is to sell the place the middle of next year when I no longer need  it, but I dont want to do anything crazy because there is always a chance I will sit on it for a year trying to sell it. I need to be able to afford to let it sit empty, no problem with conventional financing for 160,000 (purchase price and closing costs)