??? about deal (Bronchick, Kaisers, Garcia..)- $1,100 to get the deed BUT - Posted by Heather

Posted by Edward on March 27, 2000 at 18:00:53:

You would need to re-finance down the road. With that $75.00 cashflow, have you figured in expenses like insurance, taxes, repairs, vacancies? It sounds like you are buying an alligator. Find a deal with better terms and cash flow as you aren’t even getting a good price on this. My rule of thumb is: excellent terms = close to seller’s price (but only if it cash flows); no terms or bad terms = I only pay 50 - 60% of FMV. This isn’t a good deal by any of those. I would pass on it.

??? about deal (Bronchick, Kaisers, Garcia…)- $1,100 to get the deed BUT - Posted by Heather

Posted by Heather on March 27, 2000 at 14:55:20:

Please give some expert opinions on this deal.

I can get the deed for $1100.00
Payments are $445
Balance $43,234
Interest Rate 11.9
149 Payments to GO
Balloon after 149 payments
Comps $47 to $52K
Needs paint inside and another day’s worth of touch up.
She’ll sign the deed over and I get the payments.

Is this a good deal??? I’m following Bronchick’s Cash Cow examples.

Thanks and SMILE :slight_smile:
Heather

I would option - Posted by Bud Branstetter

Posted by Bud Branstetter on March 27, 2000 at 19:51:56:

Because the interest rate is high you may have trouble finding a buyer willing to make that high a payment. But, you should try. With the deed you might get 4K down and $550 a month. On a short term you could even get less payment if they can refi in a year. It is not one you spend a lot of time or resources to do. Unless there is nothing else going on.

Re: ??? about deal (Bronchick, Kaisers, Garcia…)- $1,100 to get the deed BUT - Posted by Edward

Posted by Edward on March 27, 2000 at 16:40:42:

Only if you can re-finance, those terms are terrible. Seems too skinny for a flip, only viable as a l/o or rental. Will it cash flow?

Re-finance? Me or the seller?? Cashflow…only$75 or so… - Posted by Heather

Posted by Heather on March 27, 2000 at 17:54:20:

Re-finance? Me or the seller?? Cashflow…only$75 or so…

Heather