Posted by Bill on December 16, 2000 at 12:46:12:
E-Mail if deal is still alive. Maybe some more particulars. include your phone #. I am in the Chas. S.C. area. I can come up And look at it.
NC NEWBIE NEEDS HELP AGAIN! ANOTHER DEAL! - Posted by george from raleigh
Posted by george from raleigh on December 08, 2000 at 21:55:19:
Interesting situation. A friend is basically overseeing the management of a piece of real estate near Elizabeth City, NC for an out of state couple who want out from under. The property has three components: large second floor three rm apt, with large deck, nice views of the sound currently rented for $500 per mo. 1st floor used to be a restaurant, currently functionally useless, although it could perhaps be converted to another residential unit, if I had the money (ha ha!). Attached three bedroom house, vacant, which was recently rented for $400. (Needs painting and a little cosmetic work.)
The owner is out of state, might consider simply either deeding me the property if I can take over the payment (I don’t know if the mortgage is assumable), no money down. Mortgage is $85,000, 15 year term at about 8%, monthly payment is $805. There is an adjacent lot that could be used for a mobile home; septic in place. Property sold for $143,000 10 years ago. Property is right on a bulkheaded canal with sound access.
I am a newbie, and scared of such a large deal. Might it make sense to lease with option to buy? I really need some help!
george