|
Kymaiden40215
Homeowner
|
I am looking for an investor that will buy us out.
Friday, November 03 2006 06:45 AM
We are looking for an investor with cash or credit to get a mortgage on our home. We have had two contracts on our family home that have both fallen through for different reasons.
After the first contract we moved out this was part of the contract.
Then it fell though. It is a good house in an up and coming iner-city neighborhood. We are both in bad health that is why we put the house up for sale in the first place. I can not go up and down stairs house is two story. Now since we have a good tenent in the home we wanted to sell it to an investor because she wants to stay.
No one wants to pay for the home they want this land trust thing where we don't own the house but are responiable for the mortgage. The investors that have called me say I am nuts for wanting someone to buy the house out right. Am I ? We are willing to sell an appraised home for 72,000 for 57,000 And the woman is paying on time 525.00 a month and wants to stay. My math says they would make around $75.00 a month Then they could always sell it at some point and make the bigger bucks. Tell me why I am nuts for asking for an investor with money.
REPLY
|
|
Randy Hughes
Master Advisor-39 years of experience
|
Re:I am looking for an investor that will buy us out.
Friday, November 03 2006 09:54 AM
You are not NUTS. Different investors have different goals. The more attractive you can make the deal (i.e. take back a note for part or all of the down payment), the quicker you will sell the house in this soft market. Do you have the house listed either by owner or with an agent? If not, you need to start marketing your home one way or the other. You might also consider coming to the next Midwestrea meeting (November 8th at the Center in downtown Elgin) and meeting all the investors there. There will be a "marketing session" where you can talk about your house for sale.
Good Luck!
Randy Hughes
REPLY
|
|
Kymaiden40215
Homeowner
|
Re:Re:I am looking for an investor that will buy us out.
Friday, November 03 2006 10:58 AM
Thanks for the kind invite but we are both is such bad health that we do not travel anymore. As you might have quessed we are in Louisville Kentucky. And thanks for telling me that I am not nuts. IF we were younger and in better health We would just be a landlord and keep the house. But I am sorry to say We are not. We have had I don't know how many investors that have offered us a trust thing but we have been advised because of my husband's heart not to take anything like that. But if we had an investor with a fair offer who would work with us on a buy out We would met them more then half way on the price and downpayment. In our area in the iner-city home prices have risen at a rapit rate. What sold to investors 4 years ago in the 20,000 range are now being sold in the 50,000 range. What is also my problem is my home really needs nothing major done to it. Three 5 gals of white paint would do the total of the repairs and that would only be needed if the woman moves out which is something she doesn't want to do. But I hope all of your investors that come to your forum reads this Maybe someone is interested in helping us.
If this is so please call me at 502-367-2282 and ask for Mary Ann
REPLY
|
|
Randy Hughes
Master Advisor-39 years of experience
|
Re:Re:Re:I am looking for an investor that will buy us out.
Friday, November 03 2006 04:09 PM
Do you know Mike Butler? www.wealthbuilding247.com is his website. He is an investor that lives in the Louisville area. You might try to contact him.
Randy Hughes
REPLY
|
