Profile picture for moneymaker30

i want to buy this house

I am renting to own for little or nothing and i want to buy this house and resale it.
  • January 24 2009 - Lafayette
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Answers (9)

Profile picture for sunnyview
I hate to be nosy but....what house?
  • January 24 2009
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Profile picture for moneymaker30
171 champagne st. 3 bd 11/2 bath remodeling to 2 fulll baths
  • January 24 2009
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Profile picture for moneymaker30
we are actually remodeling whole house floors to ceilings
  • January 24 2009
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Profile picture for sunnyview
Wow. Sounds like a lot of work. I'm sure it'll be beautiful when you're done and with a street name like Champagne how can you lose :) Make sure and post it for sale here on Zillow when you're ready to sell. It's totally free and lots of people will be able to see it if they're looking for a nice house to buy in Layfayette. Good luck with your remodel!
  • January 24 2009
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Profile picture for moneymaker30

what are your suggestions on getting ownership of the house without any more money being spent out of our pocket?

  • January 24 2009
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Profile picture for wetdawgs
The first two things to do (in parallel) are to get the current owner interested in selling and talk to lenders about financing.

I can't think of any way to take owner ship so you can flip it without more dollars involved.

  • January 24 2009
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Profile picture for moneymaker30
we already have an agreement for an amount but what next
  • January 24 2009
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Profile picture for sunnyview
I think dawgs is right. Talk to the owner first. As for the lender, the house must be appraisable in it's current condition for a standard mortgage (especially without a large down payment). At minimum the house must be fully closed to the weather, in livable condition, have a serviceable roof, have heat and functioning plumbing kitchen+ one bathroom and not have hazards like bad wiring, leaking sewage etc. You will likely have to meet these requirements if you want to sell for any profit or get a mortgage for the property. I would suggest looking into local rehabilitation programs/low interest no interest loans for your area, but generally, they do not deal with investments only owner occupied properties. Any benefits available there would have to go to the owner and not to you. You could ask the owners if they would be willing to "carry the paper" on the house and transfer ownership to you for a flat non refundable amount up front and then you would pay them set mortgage amount at nominal interest like 5-6% for a fixed period of time like 2-3 years before the whole amount was due. That might give you enough time to complete the work and get the house sold. Talk it over with the owner and the bank and see if you have other options in your local area.
  • January 24 2009
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Profile picture for ms.jking
Great advice, Sunnyview. See if he will Contract For Deed. Keep working on the house. Sell the house, and pay him off and have money left for a down payment on the house you want. After you do all this work, are you sure you want to sell it or stay?

On the other hand, if major repairs are needed, you might have want to negotiate on that into the final price.

Good luck.
  • January 24 2009
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