Posted by kk on March 10, 2002 at 22:59:33:
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Need advice on potential property - Posted by kk
Posted by kk on March 08, 2002 at 14:01:32:
I had someone approach me with a nice 3/2/2 in a good neighborhood that has been renting for $925/month. The owner needs to sell it so she doesn’t have to go back to work this year. She is asking $105K for it and her current balance on her 15 year mortgage is about $71K that was just refinanced within the last year or so at 6.75%. She is fixing it up now and putting about $7000 into it. She would sell as-is for $98K. Does anyone see any potential deal here and if so could you elaborate?
Re: Need advice on potential property - Posted by Mike Daly
Posted by Mike Daly on March 09, 2002 at 07:14:38:
What’s the market value? One way it would probably work if you take it subject to, and give her a 2nd with no payments or interest (in other words, she wouldn’t get the money until you have gotten cashed out of the property.)
Mike
Re: Need advice on potential property - Posted by kk
Posted by kk on March 10, 2002 at 24:47:47:
Market value is about what she’s asking for. What about this? I take the home subject to, and instead of a 2nd, what if I had her take out a home equity LOC so she could have her cash, which is what she is needing, then i make those payments as well?
Re: Need advice on potential property - Posted by Mike Daly
Posted by Mike Daly on March 10, 2002 at 05:24:05:
That could work, just make sure your cash flow still works with the increase in monthly payments.