Posted by Sandra(Doe) on April 10, 2000 at 11:37:23:
FOR A CASH COW DEAL?
seller said he would sell me the house for $82,500
But he’ll ACTUALLY sell it for $94,00 & give me $11,500 at closing.
FMV of house is about 110-115k
I put 1,000-1,500 to make the house look PRISTINE to resell at 115k with a downpayment of 15,000. I would seller finance this for 30yrs at 11%.
My P&I would be just under 700
new owner would pay PITI of 1400 (P&I is 1100)
I would use the $11,500 for the 10k down payment and the remaining 1,500 for fix up
all responses are appreciated!