Posted by Berno on March 19, 2007 at 10:07:39:
I guess that I don’t understand how someone would be able to rent to her for under $3k a month and still make money on the deal. Why doesn’t she sell of get a roomate? Just wondering…
-Berno
Need Advice - Posted by Jeff S
Posted by Jeff S on March 17, 2007 at 21:08:00:
Hi
I was wondering if I can get sage advice from anyone out there.
In the area I live, a woman that we know of, dont know her personally, wants to sell her house but still live in it. She is willing to rent it. This is her story. She is recently seperated (on the way to divorce from her husband) and she no longer can affford the monthlys on the house with is approx 3k. She is willing to sell the house at appox 60-70% arv. The mortgage is about 300k, and the appraial can get about 500k. I would like to help this woman, she needs a monthly substantially less then 3000 a month, and I was wondering if there was anything I can do to help her out and own a house to boot. Maybe a interest only loan. I will definitey make sure that her husband is not on title or will be ok with all of this
I cannot use any of my own money because there is none. I dont want to lease option the house back to her cause i understand that could be an issue
Jeff
Im meeting her tomorrow
Re: Need Advice - Posted by BTI
Posted by BTI on July 06, 2007 at 08:15:29:
Jeff
The key words for me are, is on her way to a divorce. You don’t specify which state your in and what laws apply, so we don’t know if it’s a community property state, etc. so we don’t really know what’s hers and hers alone.
I’ve dealt with tons of divorce cases and much to often you must get control of the property from all the parties in the case, especially one where the divorce is not final.
In this case she would need to exchange her equity for rent to accomplish what she wants, so she can’t give her equity away. Her real choices are to sell and move to cheaper digs, rent the rooms out and hold on, or find someone that will trade her equity for the rent due.
Sorry, would like to give a more complete answer but time for me to go out the door.
BTI
Re: Need Advice - Posted by Rich
Posted by Rich on March 28, 2007 at 23:03:45:
If you cannot afford a significant down payment (20 - 30%), you will lose money every month on this deal.