OfflineHi DG'ers!
I have a friend who is trying to sell her house and asked for my help, but of course I am still new and would love help from you guys 
She purchased the 3/2, 1374 sq ft, 2 car garage home in 2009, and it had appraised for $139k, after buying she updated appliances, flooring throughout and painted throughout. A year later her job relocated her and she put it on the market with a relator but after no success she rented it. She was renting it for $1350/month her mortgage and insurance is about $1000/month. The renters tore it up and the current repairs are: new floors in bedrooms, new closet and interior doors in 2 of the rooms, replace light and vanity in master bdrom, replace/repair kitchen cabinets and new appliances!
Her bank payoff as of 8/31/2012 is $132,647. The comps are like $128k-$142k.
What I suggested to her was a lease option selling as is, where contractually she wouldn't be responsible for repairs. She also said she was concerned about the tax burden every year, I told her the monthly payments could include enough for the rent and taxes. She feels totally burnt from the renters she had and feels like a lease option would be the same case scenario. I don't really have any other options to offer at this point. Any suggestions would be great. I would love to make this my first deal (YAY!) but I dont see the possibilities....but if I could help her out and be rewarded that would be great too!
Thanks in advance for any help/suggestions
NicoleRyane
nicoleryane
Working diligently to make that first deal!
Someone suggested a short sale, but I don't have credit or the money to buy it myself. Any suggestions on how to do a short sale without any money or credit?!
Thanks again in advance for any help!
Nicoe
nicoleryane
Working diligently to make that first deal!
i think a L/O would be a great alternative; she would not have to take care of the taxes or payments, you would do that.
A short sale will hurt her credit, so if she can avoid it, she should.
Partner with someone who knows about L/O and they can help you with all the paperwork and talk to the homeowner, and you can learn from them.
wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
thank you again greatly!
nicoleryane
Working diligently to make that first deal!