Posted by DB on April 23, 2002 at 15:01:23:
If your comps are correct, at 175K and you can get in at 134K, then yes, it sounds good in terms of $$$.
Now, even better would be to get in with NO money down.
It sounds like your out of state owner seems “motivated”.
You, can offer to take over his financing “sub-2” where you would leave the loan in his name and make the payments to the lender for him.
Just make sure you don’t have to make any payments for 2-3 months or, when you secure a T/B for the property.
It sounds like you could even advertise this property as a “handy-man” special. Or tie the property up and flip it to another investor/rehabber.
It depends on what your situation is and what you want to gt out of the property. Looks like it could have a pretty nice back-end!!
Good Luck, dave