Posted: 8/27/2012 10:53:04 PM
QUOTE Originally Posted by SOJ:
Talk to an owner who wants to sell. Negotiate, you must be a really damn good one too, with them to get them to sell to you with no money down. If the owner is paying 5%, offer them 8% per month with a balloon payment. If that is agreed then you either rent out the place at Loan rate,8% instead of 5% to break even, or you rent it out at the original cost, 5%, and pay the 3% out of your pocket...meaning you have to have a job that can pay the difference plus saving up. So if the balloon payment terms is at 5 years, you must have 20% down by then. This is just one way and again, you must be like Harvey Specter from Suits to negotiate and close this.
I'm can negotiate, but deff not like spector. plus id rather not have to pay a ballon payment at the end. id rather have a mortgage that the rent will pay off, with no prepayment penalty. that way i can try to pay it off a little quicker when thing are good, or keep the difference some months