Posted by Will on May 31, 2005 at 23:34:25:
My big question is this: how did you find it? I’d love to find that deal.
Basically, you are getting an asset worth $210K by spending about $10K up front on back payments, $10K in additional investment, and taking over a $138K loan. That’s pretty darn close to the 70% target I always read about.
Now…WHAT are you planning to do with it? Flip it? How much cash flow would you get if you rented it out? What’s the market rent compared to the payment you’ll be taking over? Can you re-fi?