NO Equity - - SUB 2 ?? Danger or NOT - Posted by Littleguru
Posted by Littleguru on October 22, 2003 at 13:29:29:
I know some seasoned investors think its suicide to get involved with deals like this but i know some of you do them all them time.
I’m still looking for my first deal and wondering what anyone thinks.
Young Guy wants out ASAP
Brand New House - - No Grass Lived in for 3 mths
3bed 2bath 2100 sq.ft. brick Upper Middle Class
Paid 260 Owes 255 IR 6.25 PMI .5 PI 1650$ Taxes& Insurance ?? He says taxes and insurance aren’t escrowed? How can this be? My Estimate 1900-2000 PITI
My question is would anyone get involved with this SUB2. What if he made payments til i find a T/B. oR GAVE ME 10K.
What are his other options if he wants to sell now? Pay 20k at closing with realtor. Their stIll building why would any retail buyer buy his house when they can buy a brand new one. Except if he offered terms like i will.
I’m supposed to meet with him, should i just MEET for experience or should i propose an offer to him.
Sell on L/O or CFD. Either way it should sell to someone who can afford the payment but can’t get financed as of today. I don’t know easy it will be since i’ve never done it befor.
Thaks for any Response