OfflineI've got a possible deal on a 3/2/2. Here is are two e-mails of a financing situation the seller has proposed.
How you doing? Hope all is well with you. I have a solid deal for you. It's a 3bed 2bath 2car 1506 sq ft. Just rented for $1150/month. Address is 424 SW 50. It's been remodeled totally throughout. Everything new. Market Value is 115k. Only asking 83k. Title work done. Just waiting on you. Let me know when you want to see it and I'll schedule with tenants.
I was following up with you about the deal I sent you. I'll also accept a sub2 where I assign the deed to you and you take over the payments for 25k cash only. The loan balance is only 60k and payments are 869/month and you will be collecting 1150/month in rent. You will also have about 30k in equity. Solid deal. Let me know what you want to do. Thank you.
Now since I am new I got a bit confused. If I am reading it correctly, I can basically buy the house for 60k because that is the amount left on the loan, correct? Since I do not have the money to buy the house, I was considering using hard money to pay the 25,000 cash. Then sell the home as quickly as possible at a higher price, or sell the deed over for 27,000 cash.
I'm not quite sure if this could work.
Success and Nothing Less!
Hi,
It sounds like they bought the property for 60k since they are assigning.
This is your deal and only you know,What it is worth to you?If the one thing anybody should walk away with from this site and books is...We do not pay full price and if we do pay full...We get bigtime seller concessions!
Invest in yourself!
is to find out the true market value of these properties (look at the comps for past 3-6 months or longer depending on your market) and what the sellers paid for them. Find out if there are any other secondary liens. Look through them find out what work (remember not all renovations make a house worthily of it's asking price) needs to be done, and base your offer off of that. The ultimate decision, falls on you, whether you choose to move forward with the deal or not. God Bless in your REI endeavors.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I haven't been to the house yet myself (going on saturday), but I have looked at 4 sites and the county records. The low end FMV that I can estimate from online sources is about 82,000.I'm thinking of buying the deed and then doing a double closing to sell for a larger profit. One thing I don't get is that if he is going to sell me the deed to take over the mortgage why does 25,000? I realize he can ask any price he wants, I just feel thats pretty high.
Success and Nothing Less!