Posted by Brent_IL on August 14, 2003 at 23:13:00:
IMO, $2,000 isn’t really too many repairs. I always estimate $3.00 a square foot for patching, painting, floor coverings, some new fixtures, and landscaping. Most of the time it’s high, but then sometimes it’s not.
As Rick says, ?Don’t f*rt around.? If you snooze, you’ll lose. Sign it up. If it is as good as you say, someone local might pay you $5K or $6K for the contract and you won?t need $5,000 or repair money. Your contract buyer will double their money in a month and be back for more.
Question:What are the advantages of getting the deed subject2 vs buying with land contract?
I am negotiating with a seller who has a nice house in a retailable area. Loan balance: $55,000, ARV: $85 to $90,000, PITI: $570.00,
interest rate: 7%,
repairs: $2,000…
He is willing to sell me the house if I ca pay $5,000 down for a total purchase price of $60,000. He has already stated that the loan staying in his name is not a problem.
Thanks in advance for any advice.
Tom