Posted by Mike (Seattle WA) on June 08, 2005 at 12:00:48:
Subject 2 just saves on the aquisition costs - 86-93 spread is still only around 92% LTV (meaning, sell with Realtor and you lose 1%). You’d have to turn it around via a Leased Option to make money with this - is this the idea? If so, it isn’t a short-term flip. Also, if the mortgage sucks (>8%), you’d have trouble cash flowing this deal. I’m looking hard for the gold here 
what to do with these? - Posted by Dale-Ohio
Posted by Dale-Ohio on June 08, 2005 at 09:07:44:
I get tons of calls from people wanting to sell there house just to break even. But, they all seem to have a first and second loan on them and not mush equity. I got another call last night from a guy who has a nice house appraised at $93,000 but owes $86,000. (in my area that is nice). Can i do anything with these or is it a wast of time. thanks in advance
Re: what to do with these? - Posted by Greg(NJ)
Posted by Greg(NJ) on June 08, 2005 at 10:16:57:
You Said “Can i do anything with these or is it a wast of time. thanks in advance” Huh! Yes you can do somthing with these! One thing is SUB2! These are perfect in this situation. There are other options as well. But I would try to take over these homes Subject to the existing mortgage, for what they owe. But check the comps 1st. If you need more info help in this area, email me offline. You could be sitting on gold, and don’t know it till now.