I HAVE POSSIBILITY TO BUY HOUSE FOR VERY RELIABLE CLIENT IN THE SYDNEY WEST. PROPERTY PRICE IS $375,000.00.
ALL MY CALCULATION SHOWS THAT THIS PRICE IS TOO HIGH FOR LEASE OPTION OR WRAPS.
IS THERE ANY CREATIVE WAY TO FINALIZE THIS DEAL.[?]G’day Positive…
If it is a good deal could you be a Co-Borrower and accept a Fee of $500 per month as consideration? Perhaps your client may be in a position to refinance in a couple of years at a total cost of $12,000. If not, let it go!
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Thank You Bill
I agree with you that Co-Borrower would be one of possible options for this deal.
Client doesn’t have money for deposit, so my return on my investment would be around 10.4%. (Depostit 10%= 37,500 + closing costs and other expenses aprox $20,000.
Therefore $6,000/$57,500 x 100 = 10.4%. Is it how you come to a Fee of $500.00 per month[?]G’day Positive…
That is unbelievable, as I didn’t even consider it in that light. I simply put myself in each of your shoes and felt that about 2% max would be a fair figure to you both.
I then figured that 80% of the 2% was absolutely fair and coincidence that it panned out at $6,000pa…$500 per month for as long as he needs you. The fact that it gives you 10.4% as you say… the coincidence is incredible.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
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