NYMets86's blog

My very first deal

My wife and I found out that my parents neighbor was losing her home to foreclosure. She was ill and moved into a second home that she owned and was missing the "reverse mortgage" payments on her townhouse in Hialeah, Florida. Upon talking with her daughter who was visiting from NYC, we found out the lending institution and the agents name that had their file. The home was in bad condition and we didn't worry about how much was owed, although she owed $82,000 and we calculated about $25,000 to get the property up to date. We spoke to a real estate agent and found that rental were approximately 1000 a month and comps for sold properties like this one were around $110,000.

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