Advice on making this situation work.. - Posted by RossD

Posted by Brent_IL on January 10, 2002 at 23:00:36:

Bill Gatten’s forte is low equity purchases.

Advice on making this situation work… - Posted by RossD

Posted by RossD on January 10, 2002 at 18:45:37:

Advice, comments and any other help would be appreciated.

I have a friend who owns a 3/1 here in NC that was appraised last week at 86,500. His job has transfered him to another part of the state and he has already moved. He has had the home on the market for 4 months and had one contract fall through because of repairs that need to be made (he is making none due to fact that he is coming out of closing almost even). The home needs about $1500 worth of work(electrical,termite treatment, floor joists, and new roof in a few years) The balance on his loan is $81,000 and payment is around $655.00 per month.
How should I go about making this deal work for him and also make money too?
I’ve thought about offering him $500.00 to him to assign me the contract and then advertise as a lease option no bank qualifying. Try to get 5-10% down and charge a monthly rent and apply some toward principle and pay his loan off in two years if he can allow me to make his payments for him. One problem may be his lending institute will make his full loan amt. due if they find out about this. Any Advice on how to do this deal, and do it right, would be GREATLY appreciated.