Yet More Adventures in Real Estate

by James & Miel on July 30, 2008 · 0 comments

Hi All,

We are spending one of our last days in Portland trying to sort out the details for the potential real estate deal. Today we have meetings with our real estate agent at the place we are looking at as an investment rental. We are also making calls to sort out lending.

The owner of the place we are looking at is willing to do owner-financing. The deal is though, that she wants $50k down and 7% for thirty years fixed. Personally we thinking that over twenty percent down, the asking price is $220,000, is a bit steep. James also thinks that we can get a slightly better interest rate as well.

For us, the only advantage to going with the owner financing would have been to have a lower down payment without the penalties of PMI and so forth. Given that we happened to find this place before we had taken the time to save all of the downpayment, this would help us in making this happen.

At any rate, we’ve got our last day in town with several meetings for this potential deal. Yesterday we met with my sister’s realtor and it was good to talk things through with her and her partner.

While this particular place we are looking at is a FSBO, and obviously the seller would prefer to keep agents out of the deal to save her some money, we still feel that we are in a better position to have representation. Aside from not having done all of the sales paper work ourselves, the major issue is that we are also both out of town. In the end, even if part of the agent expenses get passed on to us – through less willingness to negotiate – we think this would still be money well spent towards making this investment happen.

Best,

Miel & James

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