OfflineI need help. This sounds like a possible deal but i dont know where to go with it! Investor in TX has owner(also in TX) looking to get rid of house in CT. I know the area...not the best but major rental possibility. Near EB and Pfizer. Owner lost job in TX. Investor bought TX house and was told about this one. Wants to have someone take over payments. About 1730 a month. Currently one month behind and this month...so owes 3528. Owes 188K on house. Where can I go with this?? What do I ask?? I'm trying not to sound ignorant to this guy. Can anyone help?? please?
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First, Your going to NEED more Information than you Posted, Like: Whats the ARV of the property this TX Investor is trying to "Sell" you? If your NOT Sure what the ARV is, Then you VERY well could be "spining your Wheels". For this Deal to be worth your time your gonna NEED the ARV of this property to be at least $211,000 if not more depending on wether work is NEEDED to bring the property up to "RETAIL" Condition. Get back to me with the projected ARV, Then I can steer you in a Direction, SULLY
YOUR HERO, SULLY
Sully, thanks for your reply. As far as the investor in TX tells me it needs no work except for a garage door repair. I plan to take a drive by today, maybe go in if he emails me back the code. Recent comps in the area show houses sold for between 158K and 186K, maybe a little more. Its in a great rental are, minutes from Pfizer, Electric Boat (submarine maker), and beach. Houses (3/1) rent for 1400/mo and up. Townhouse for 1249/mo.