Posted by Hal R on April 16, 2002 at 09:30:25:
If you are even considering this deal, you have very poor education and need to go back to the books. Run! This isn’t even remotely a deal.
Hal R
Buying Section 8 property Subject To - Posted by C. Murray
Posted by C. Murray on April 15, 2002 at 13:23:13:
Seeking advice on buying properties Subject To.
I have a distressed seller who owns three properties,
all of which she paid too much for.
2 of them are Section 8 properties, one produces
negative cash flow, the other positive.
I am thinking of buying them Subject to the Mortgage,
and getting the deed with the loan staying in her
name of course. I would continue to rent them
Section 8 until I could find a buyer. She would get
her loan paid off, and I would get paid when the
house sells. This market experiences rapid
appreciation, but since she paid too much going
in, it may be a few years before it sells high
enough to pay off the balance.
She would still have to make up the difference on
the property with the negative cash flow until we
turn it positive.
Any thoughts, anyone? I would really like to help
this lady, she is an elderly, foreign woman and
I feel sorry for her that she got taken…
Thanks!
She did not get taken … - Posted by John J.
Posted by John J. on April 17, 2002 at 24:09:05:
… she just did not do her homework and market research before she agreed to the purchase price.