Home Buying in Kokomo>Question Details

Hsmom237, Home Buyer in Kokomo, IN

Found a home, but need to find an investor to buy and lease back to us or sell on a 3 year contract. Realize they need a profit. Know anyone honest?

Asked by Hsmom237, Kokomo, IN Sat Oct 22, 2011

We currently have a mortgage on a VERY upside-down property that needs MUCH work. Cannot sell at amount we owe (over $100,000) and cannot make major repairs needed with size of payment ($1007.00 monthly). We are not behind on payments! We have found a bank-owned home that can be purchased for around $35/40,000. Our income of over $3000 monthly makes this doable. Since we have a mortgage, we cannot get a mortgage. It needs some fixing and we are okay with that as long as the payment leaves room to do the fixing. We know investors would only do this if making a profit. We would expect that. The work could be done by you, some by you, or all by us. If investor fixes, of course, we could pay a higher monthy payment. We could lease with option to buy or do a contract. We would plan to get a mortgage in 3 years. If able to find an investor, we plan to work out a short sale on current house. If serious, honest, and willing to consider this, we would love to talk with you.

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This sounds to me totally a wrong idea. What do you plan to do with the current house with the $1007 mortgage? If it needs lots and lots of work why not do that work rather than renting another house which still leaves all the work to be done and more work on the $40k house? I think you are going to have a hard time finding an investor for this, but good luck.
0 votes Thank Flag Link Sat Oct 22, 2011
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