All Forum Posts by: Bill Jones

Price should not be the issue TERMS are everything thing in creative financing ...

First... find out if there's existing bank financing....If there is,  you'll have to do a "Subject To" a Wrap AITD what ever you want to call it.

See some of my posts on creative financing..When you get some of the issues answered write me if you want, and and help you out..

Bill

Hi Chris, is there existing financing on the proprieties now? If so take subject to that loan or if he owns it free and clear... either way offer your 20% down, ask seller to carry for 10 years say 5% amortized over 30 years..If you think your seller is open to this let me know and I'll help out further

Hi Noel, If your paying $800 month for rent you can certainly afford to purchase a home...

Look for a Sub2 deal offer a minimum down and ask the seller to carry for 10 to 15 years most sellers will go for 5 years but it goes by very quickly....

Here in California and probably in Texas it's easy to find high end homes that OWC but the middle of the road deals take some time

Yes and thank you for your service.... check out my post for how to do Sub2s protecting the seller and buyer

You can give me the scenario and I'll give you the best way an or several ways to go

Why would you want to lease opt?....There are several reasons to a lease opt...The main one is you can purchase the property at today's price if your assuming the value is going up...

Lease opts consist of three agreements... a lease, and option to purchase and a purchase agreement.  

In the lease your going to want to be able to sublet 

In the option your going to want some or all of the rent to apply to the purchase when or if you exercise the option to purchase.

and in the purchase contract you going to want the best deal you can get

Why not do a Sub2? you get the deed... you can rent it... sell it or live in it.

Read my blog on how to do a Sub2 which protects the seller and buyer

What are you out of your mind?  You don't give sellers multiple offers/choices at the same time....Present one if that doesn't work go onto the next, but don't let the seller choose up front...Geez

Run away as fast as you can

Now that's what I'm talking about....Way to go Doug.

If you want to know how to do Sub 2s the right way read my post

Can you still buy with No Money down? The definitive answer. Yes and No. It depends. The no money or nothing down deals are out there, they're just harder to find and have to be approached differently. Think of buying with no money down as 100% financing.In other words you're going to borrow all or most of the money needed to purchase the property.

Here's what I mean. You find a suitable property for let's say $100,000 the seller owes the bank $75,000 how to we purchase the property? You offer to take the property "subject to" the existing bank loan, and ask the seller to loan you some of his $25,000 equity by holding a note for $12,500 called a wrap or an AITD all inclusive trust deed. Then you borrow another $12,500 from a third party who you would give a note secured by a second mortgage on the property as security for the down payment money. Congratulations you just purchased a property for 100% financing or no money down.

Make your best deal.... take Sub2 with a minimal down and wrap the rest sell or keep for investment rental