Debbie,
I own 38 homes this deal ISNOT a great deal. the wrap is a good way to go in with little down-- BUT
the monthly payments are too high for the rent income
1st how long is the loan for 5yrs,10,20,30 ???
you must clear the payment plus have $175 or more plus still make enouph to buy ins,pay taxes,and fix all those things you brought up. if repairs are $12,000
its a bad deal— you want a prop. at 70% of value after the repairs are done - the repairs in this deal is the point and the terms. find out worth and rents
and cashflow-- my advice is keep looking–
write me with more details strawsust@vallnet.com
PAT
hi im new to this very new i came across an ad and called on it this is what is said 3 bed 2 bath townhome needs some repair take over mort. i called and spoke to a realestate person it was her fatherinlaws home he just wants out of ownership he owes 48,000 it was appraised in 97 for 60,000 she says the home is vacant tennents left couldnt pay the rent it was vacan t for 2 weeks the a/c, stove and refrigerator is missing she claims someone broke into the home i would have to rebuy the refrig. stove and a/c she knows someone to get the a/c for 700.00 owner wants 600.00 down monthly 590.00 he will do a wraparound with quick claim deed rented for 750.00 there are foreclosures around the area maybe rent and security could pay for replacing also some damage on the side of house from bulldozer it is next to a vacant lot and some damage to concrete what should i do how do i know if this could be good