HELP PLEASE IN STRUCTURING 1ST L/O DEAL - Posted by Trisha(NC)
Posted by Trisha(NC) on March 24, 2002 at 17:25:28:
Hi everyone, I just came from an open house with a very motivated seller, here is the deal. 2br possible 3, 1ba house approx 1000sqft, there is more land than house, anyway, there are no major repairs to be done other than the kitchen floor which the tenants are going to replace it with linoleum. The owner has owned the house for 18years and closed on it in October of 1985. Now correct me if I am wrong but, if a house has a FHA loan on it and it closed prior to Dec 15, 1989, than the loan is assumable correct?(Stated in Ron LeGrands wholesale course). The owner has had a tenant in that house for 10 years only paying $500 a month. The tenants had no intrest in buying the house because they have bought another. Owner had house appraised in Feb this year and it appraised for 82k. I asked if they were flexible in the price and they said yes. The mortage in $490 w/a FHA loan 30yr fixed at 8%. House has gas and central heat and air. I asked her what was the least would take for all cash and she said 78k but was unclear about that and maybe flexible. The tenants will be moving at the end of april. This may be a good deal for L/0 or could I flip it wholesale and how do I structure them? What do you think. All advice appreciated.