$17,000 EQUITY? - Posted by Tony Natoli

Posted by Pat OH on February 19, 2000 at 11:45:50:

Does he want cashed out? If not, lease-option the property, cover his payment and rent it out. Or lease-option the property (get contract signed at $100k) and flip it at $115 - $120K.

$17,000 EQUITY? - Posted by Tony Natoli

Posted by Tony Natoli on February 17, 2000 at 16:54:27:

I have a friend who called me today that has a house he BADLY wants out of. Here are the Facts:

His Words: “4 acres, private lake, 3br 2 ba, 2 car garage, 1,700 sq. ft., had built in 1996.” Selling because of divorce and took him a year to decide he wanted to get rid of it. Willing to cut losses for balance on note. Did I say he said “I need to get rid of it BADLY!” Also says that loan is NOT assumable but I’m not sure of that.

He says he owes $100,000 on the note.
Appraisal about a year and a half ago estimated the property at $117,000.

Guys, let me remind you that I’m new and trying to take baby steps. I could use all the advice and help I could get!

What’s my next move?

Tony Natoli