How to Make Apartment Features and Amenities Sounds Sexy

Source: http://astudentoftherealestategame.com/how-to-make-apartment-features-and-amenities-sounds-sexy/

We recently embarked on a project aimed at improving the online marketing process for all our multifamily properties. The intent was to greatly improve our web presence, access deeper analytics, build a multifamily brand, and control the process from the …

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Are you thinking of investing in real estate? However, you do not have enough money to do so. Here is a tip you can use as long as the person selling the property is willing to negotiate with you.

To be fair, not every seller will be interested (or even understand) the concept outlined. Your best gamble is to locate a land that the owner has great desire for selling, whether because they are moving, divorce, or frustration with the folks renting the property.

Actually, if you maybe currently renting and thinking of using this approach perhaps the owner would be glad to help you out! There are several variations that could be used depending on you and your vendor. Do they desire the market price or are they just desperate to get out from the monthly payments – maybe facing foreclosure?

The easiest way is to consider taking over their mortgage repayments – called ‘assuming’ the mortgage. You will need to be approved by the first lender to assume the mortgage. If you can’t get approved for an assumable mortgage you could also try a ‘subject to’ assumption where you merely make payments while the property stays in the seller’s name.

You take over the first mortgage and make a 2nd mortgage on the remaining cost of the house with the seller. Offer a high, interest-only payment for a short time period – two or three years. Instead of having the money stay in a bank they can be getting a high interest over 2 or 3 years with the remainder due in full at the end of the investment term.

When the term ceases you should be able to refinance the cost, or you could sell. Unless you strike an actual bad market the value of the home should have risen by then.

A lot of mortgage lenders merely want to make a great investment. While your local bank may still be scared there are lots of financial lenders that would wish to make a deal. Financiers prefare real estate. The mortgage is mostly based on 60-70% of the value of the property, so as long as they know they get their money back in the value of the land if you default, they do not care what kind of money you make. Conclude the deal with a 2nd mortgage created with the seller. In case you default they can eventually foreclose on the property and sell it, paying off the existing mortgage with the proceeds.

Now you can see the entire picture. It is good that seller and buyer may work hand in hand. In the event they can’t wait for a sale, you could still give them their asking price with a little overall flexibility on their part.

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