Working on 1st Deal...Need to know if this is any good
I have been putting ads in Craigslist looking for sellers. Below is one of the responses I got. Can someone let me know what they think about this potential deal.
Only one mortgage, with CitiMortgage, $118,000 balance. The $465 payment starts in May and will last for one year
at which time it will adjust again. The adjusted rate is based on the "LIBOR" published in the Wall Street Journal + 2.25%
which worked out to be 3% this year. The mortgage is also interst-only until April 2016. Total payment consists of
$300 interest plus $165 escrow. The escrow is a little high vs the property taxes of $950 a year because my ex
didnt pay the property taxes for 2010 and Citi had to step in and pay them + late fees and then paid the 2011
in december. Escrow just dropped from $240 to $165 this year and should drop again next year as the back tax
payment is recouped.
I ran info thru Zillow and the FMV was $128,000-140,000, for that area.
I have been putting ads in Craigslist looking for sellers. Below is one of the responses I got. Can someone let me know what they think about this potential deal.
Only one mortgage, with CitiMortgage, $118,000 balance. The $465 payment starts in May and will last for one year
at which time it will adjust again. The adjusted rate is based on the "LIBOR" published in the Wall Street Journal + 2.25%
which worked out to be 3% this year. The mortgage is also interst-only until April 2016. Total payment consists of
$300 interest plus $165 escrow. The escrow is a little high vs the property taxes of $950 a year because my ex
didnt pay the property taxes for 2010 and Citi had to step in and pay them + late fees and then paid the 2011
in december. Escrow just dropped from $240 to $165 this year and should drop again next year as the back tax
payment is recouped.
I ran info thru Zillow and the FMV was $128,000-140,000, for that area.