Buying from an Investor, how best to proceed? - Posted by BrandonT (So.IL/St.Louis)
Posted by BrandonT (So.IL/St.Louis) on February 13, 2002 at 13:49:35:
I’ve come across a man recently who has a few rentals he’s accumulated and is currently looking to unload them before he moves back to where he’s from, in Chicago. The property in question is the last one he needs to ‘get rid of’ and looks like a solid though bread and butter type of scenario.
Rental property in lower income neighborhood he bought many years ago for 42K and has held until presently. The property is currently rented Section 8 for $600 a month and PITI totals right around $300 monthly (I’m betting it’s around $350, but I have no reason to disbelieve what he tells me yet).
The man owes 29K on it and would be willing to sell for the balance of the mortgage, if “I could move quickly”. He has another investor who has contacted him and wants the original investor to ‘quitclaim’ the property over to him, but leave financing in his name for a couple years, which the original owner doesn’t want to do. This information obviously means I cannot purchase the property Sub2 or through a L/O as he needs the loan out of his name in at the most 6 months (unless I can combine the two facts successfully). The property physically has had recent remodeling and is actually in very decent shape, no immediate repairs needed.
Just looking for input as to how I could possibly make this work for all parties involved, I wouldn’t mind having another $300 in monthly cashflow but am not in a position to get a new investor loan in my name currently.
Thanx in advance for any ideas,
Southern IL/St. Louis