Comments on: ‘LEPER PROPERTIES’ PRODUCE CASH FLOW http://fixerjay.com/blog/good-deals-created-by-you/leper-properties-produce-cash-flow/ Making money with real estate anytime, anywhere Thu, 02 Sep 2010 03:05:59 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: FixerJay http://fixerjay.com/blog/good-deals-created-by-you/leper-properties-produce-cash-flow/comment-page-1/#comment-131 FixerJay Tue, 03 Mar 2009 17:13:08 +0000 http://fixerjay.com/blog/?p=103#comment-131 Be careful with properties empty that long. If utilities are cut off, meters takes by power cmpany, you must check with building dept. to determine if building is "red tagged". It might mean the city would demand a building permit and everything be brought up to current building standards (codes). Sometimes buildings are empty for a reason! 2 Ways for Moratorium --- Write it into your offer as one of the terms. For example: Purchase price $69,500, down payment to be $10,000 down. Seller to carry back or finance $59,500, with payments of (so much per month), beginning (date) 6 months from now! Or --- Down payment to be $7600. Buyer to pay 6 months of advance payments at closing, $400 each, total $2400. Still same $10,000 arranged differently. Many banks won't do financing - try anyway. FIXER JAY Be careful with properties empty that long. If utilities are cut off, meters takes by power cmpany, you must check with building dept. to determine if building is “red tagged”. It might mean the city would demand a building permit and everything be brought up to current building standards (codes). Sometimes buildings are empty for a reason!

2 Ways for Moratorium — Write it into your offer as one of the terms. For example: Purchase price $69,500, down payment to be $10,000 down. Seller to carry back or finance $59,500, with payments of (so much per month), beginning (date) 6 months from now!

Or — Down payment to be $7600. Buyer to pay 6 months of advance payments at closing, $400 each, total $2400. Still same $10,000 arranged differently. Many banks won’t do financing – try anyway.

FIXER JAY

]]> By: heiztdiz http://fixerjay.com/blog/good-deals-created-by-you/leper-properties-produce-cash-flow/comment-page-1/#comment-130 heiztdiz Mon, 02 Mar 2009 18:09:41 +0000 http://fixerjay.com/blog/?p=103#comment-130 Hey Fixer Jay, I have foun da Leper!! Its a 3 unit in my area, that is bank owned and has been vacant for ayear. Its in a nice neighborhood and when fixed up I estimate that annual NOI will be around 20,000. They are asking 69,500 for the vacant 3 unit. I don't want to make mortgage payments while I get the propert renovated and rented. How do I go about asking the bank for a moratorium on the new mortgage...I plan to put 8-10k down. Hey Fixer Jay, I have foun da Leper!! Its a 3 unit in my area, that is bank owned and has been vacant for ayear. Its in a nice neighborhood and when fixed up I estimate that annual NOI will be around 20,000. They are asking 69,500 for the vacant 3 unit. I don’t want to make mortgage payments while I get the propert renovated and rented. How do I go about asking the bank for a moratorium on the new mortgage…I plan to put 8-10k down.

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