idea for creative offer - Posted by BobCO
Posted by BobCO on January 17, 2001 at 18:02:38:
I have come to this site for over a year now and I am trying to make my first “creative” deal. I look forward to any advice, thank you in advance.
House has an existing mortgage that is 2 years old, balance $130,000, fixed 30 year at 6.75%. Current PITI $1120/month.
Appraised value $175,000.
Tenant in place at $1300/month thru January 2002. Owner told me that when he originally rented the house out (a year ago)comps in his area were going for $1500/month but he was more interested in getting and keeping a tenant.
Owner is willing to do a subject to deal.
Owner wishes to sell house because there is a strong possibilty that he may be leaving the area for a new job and he considers the house an incumberance. He also believes that it will be difficult to find a buyer with a renter in residence.
What would be a fair (I believe in win-win)offer for this scenario.
For me cash flow is less important than apreciation. The market in my area is red hot and has been for a few years. I think this has the potential for a great no-low money down deal. Any advice?
Have I left out any critical information?