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Blazn70

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Posts: 1
Reply with quote  #1 
I have a family member who has a house (owned free and clear) that is unoccupied. This family member filed chapter 13 bankruptcy and moved in with a nearby relative to help both parties financially. The amount owed via the chapter 13 is between $45,000-$50,000. The house is worth $150,000 after about $25,000 worth of work. I want to make an offer on the house (between $50000-$70000) and turn it into a rental.  What would be some options for financing this deal? Any advice would be greatly appreciated.
lesnorsmith

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Posts: 11
Reply with quote  #2 
                                        whom ever wrote this is NOT a real estate expert. As a senior broker, i advise clients how to but rental property. Rule one; Hire a good Broker to work for you. I can buy better property for less than you, I know what to look for and what to avoid, I'll even show you how to buy an inexpensive home warranty to protecy you against a mjor systems repair in year one.

I can always hire repairs at a lower cost than an individual and get the best contractors because I'm a repeat customer.


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jaden

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Posts: 8
Reply with quote  #3 
Hello,

I strongly believe that rental property investing is a great way to build long-term wealth. And anyone can do it with the right guidance... especially when that guidance is 100% free! Looking to help save for retirement? How about your kid's college education? If so, then investing in income property may be the perfect solution. The combination of leverage, free equity, and price appreciation is a very powerful wealth building formula.

Thanks..



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olsontamia04

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Posts: 1
Reply with quote  #4 
I agree. In fact I looking for a good invest that will earn high interest.

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Ajitallbey

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Posts: 47
Reply with quote  #5 
okey your calculation is good for a renting property.
But look these five things before investment in real estate:
property purchase planning
Lease option
Seller second
Subject-to
Seller carry back


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michael103

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Posts: 9
Reply with quote  #6 
I guess contacting a property dealer will be helpful for you. They will avice you well for the same.



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nadine023

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Posts: 10
Reply with quote  #7 
I agree hiring a good broker can be very helpful in your problem.Well before i use to bought a home but i can't afford it that's i way i use to get a loan at http://www.lainasto.fi/ to support my finances on buying a home.In real estate world it is very important that you know everything specially the financial stuff.
nila11

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Posts: 6
Reply with quote  #8 

Blazn first of all I think it’s a best way for you!! You should go the bank and take loan and invest that amount to parches the house and rent it. Keep it in mind that house or building should be that area you capital returned should be shared.


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prin1113ci

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Reply with quote  #9 

Investing in rental real estate is one way to create a potentially substantial passive income stream .The proven methods for snagging cheap mortgage loans when financing rental properties .


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shagydeep

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Reply with quote  #10 
Hello,
So you want to sell that house so....
Would you please post some images of it?...
straters69

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Posts: 11
Reply with quote  #11 
Wow I know I'm a newbie here but.  I really didn't understand the conversation.  I though you have a good deal on your hands with equity in the house already.  I know I might not now much but you might consider a double mortgage or even a repair grant and a mortgage.  the government has home repair grant and mortgage programs. 

And yes I know this might not be my place but I have been looking into the home buyers programs that the government has and you just might come out with cash in your pocket.

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edward222

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Reply with quote  #12 
The proven methods for snagging cheap mortgage loans when financing rental properties . Investing in rental real estate is one way to create a potentially substantial passive income stream .
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FloraGalvin

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Reply with quote  #13 
Thank you for sharing ideas.
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