Does this sound “worth it” (Newbie here) - Posted by Javier (MI)
Posted by Javier (MI) on December 01, 1998 at 17:59:52:
Hello, I just happened to meet with the seller at the house, the specs:
2bd, 1bth, approx. 800 Sf. Lot size 43’ x 150’
2 car garage (manual), whole house fan (attic fan).
no roof problems.
approx $1,600 in taxes anually.
seller thinks can be rented for $ 650.00/month
He has a non-assumable mortgage, I believe I can find out how much he owes, same with insurance.
Houses are selling in the same block (3 br 1 bath) for $65,500-72,500 (with realtor involved) and $68,000 for a 2br 1 bth (with realtor)
this house I saw needs some paint (not from my point of view) and perhaps some cleaning to increase value.
The seller is tired of being a landord, and wants to put more time with family (son). I commented if able to go with a L/O and he mentioned he had a mortgage and he didn’t know if he could do it, for which I didn’t open my mouth because I don’t know either. But I consider that he may be flexible, he also reconsider a “not-much-lower price” for cash.
he is asking: $ 59,000.
I just don’t know how to structure.
Thank you for you replies,