how do i find a property investor?
Posted by admin in Finance Sunday, 4 December 2011 17:23 4 Comments
I need a property investor to buy my home for 300,000.00 I am carrying 40,000.00 I need to rent my home from this investor for two years when I will be able to buy it back.
The guy you find will likely want a huge return.
All you are really doing is borrowing against your property. I think you may be able to go to a bank- if you can’t then the investor won’t do it either.
If your house is worth $300,000 and you will “carry” a $40,000 second, then you must owe $260,000 on the house.
Seems like you didn’t take any closing costs into consideration. If the investor has all-cash, your return won’t be attractive. If he has to refinance for your sale-and-leaseback (what you are proposing), then he will want a bigger return.
The big question I have for you is, “Why?” Are you unable to pay your mortgage, but hoping to pay less in rent? Is your credit so bad that you cannot refinance? Is the property actually not worth $300,000?
You leave yourself open to a lot of questions. If you just need a lower payment, try for an interest-only or Option ARM for two years. If your credit isn’t that hot, try FHA as a refinance source. They won’t care about your FICO score, and they have some of the best low-rate deals around.
Provide more information, and you will probably get a better answer. From what you are saying, I don’t know what’s in it for the investor other than the nice feeling of helping out a total stranger.
an investor will only buy this and rent back to you if you meet the criteria they need…which is 15-20% discount on the value of the house and pay 125% of the mortgage as rent otherwise its not worth their trouble..remember they are this to make money too…go on yahoo and do a search.. there are many companies that buy and rent back…but this is the criteria you have to fill to get one of the investors
There are real estate investment groups and associations in many metropolitan areas throughout the United States.
http://www.nationalreia.com/ClubPortal/795files/directory.cfm?clubID=795&pubmenuoptID=11912
follow this link and click on your state to find a local group in your area. Then, attend a meeting or contact the moderator to see about how to get your deal in front of the group.
Good luck!