Posted by Stacy (AZ) on March 11, 1999 at 15:36:18:
Tracy,
See the posts below regarding selling with low equity.
Stacy
Is there any deal here? - Posted by Tracy
Posted by Tracy on March 11, 1999 at 15:25:32:
Hello all,
My brother-in-law has to sell his house. He has already moved in with his fiancee.
Here is the scoop: He will sell it to me for what he paid for it 3 years ago, $40K. FMV is probably 50K+. It is a one (large) bedroom, 1 bath home in a decent area of town.
What I would like to know is…Does anyone see any kind of profit potential here at all? Do I flip it? Get a loan on it and try to rent it out? Lease/Option it? Or is this deal just toooo skinny and I should just let him sell it himself.
Please help. Thanks in advance!
Tracy
Re: Is there any deal here? - Posted by sam
Posted by sam on March 15, 1999 at 10:15:18:
I just had the exact same situation (1 Bedroom 40k FMV of 50K). I bought the home for 41400 and had the seller pay $1400 toward closing. The house had a tenant in it so I asked if she would be interested in buying for 50K. She agreed. I am renting to her for a year and then selling. I should make about 7K next year. Not bad for 10 minutes work.
Re: Is there any deal here? - Posted by PBoone
Posted by PBoone on March 11, 1999 at 18:44:36:
The info provided is not clear enough to make an educated decision, here are a couple of things to consider.
Can you L/O and make a profit? 1 BRs are something we do not look for, but @ 80% FMV it is certainly something to consider.
Pat