OfflineHey DG Team -
Have another possibility of a deal. (other one's I posted are still in the works, trying to find investors for assignment or partnering on those).
This new FSBO just went on market Sunday 07/27/08.
3/2.5
1750+ sq ft.
Owner still paying on 1st $106,000 mortgage from 1999. (He has good equity in property)
Asking $122,000 and he'll pay Title Policy.
or - $120,000 and he pays nothing.
Comps in neighborhood are $135,000-ish
Tenant will move out by 8/31/08.
Owner wants to get rid of property cause he lives over 50 miles away and doesn't want headache.
Very forthcoming with information and states "I want to work with you if you want the property".
Would like to get cash back from equity if I could get him to Owner Finance.
How can I make this work and take the property off his hands so he doesn't have the hassle, but he keeps Tax benefits etc...and still gets his money.
Think it could rent good for $1,150 - $1,250ish based on rents in area.
Any suggestions..?
Tim
*************
Col 3:23
"..work as though you are working for the LORD!"
Does anyone have any recommendations on my post above?
Know there is equity in the home...trying to get some of it at closing...
Tim
*************
Col 3:23
"..work as though you are working for the LORD!"
for me,
my criteria for single family homes: 1) under $100,000 2) rent less than $1000/month that will also cover costs.
Tim--I think rents over >$1000 are problematic b/c 1) narrows down potential pool of renters 2) anyone who can pay >$1,000/month will probably own a house soon.
I think you should try to get the house for under $100,000 or walk away from deal.
How long have you been investing?
Best of luck.