Posted by ssg on September 10, 2007 at 19:00:44:
Tennessee
Friend wants out of rehab duplex quick - Posted by ssg
Posted by ssg on September 10, 2007 at 15:07:24:
mortgage 394.00w/ insurance & taxes needs about $5,000 to make rentable. I don’t have 10,000 to give her and buy materials. Tax Apprasial is 75,000. She’s going to list it in month if I can’t do anything. Need Advise.
Re: Friend wants out of rehab duplex quick - Posted by Tim
Posted by Tim on September 11, 2007 at 06:43:29:
What are the rents? What do the tenants pay in terms of utilities? What are the taxes and ins costs?
What could it sell for if it were on the market? What are the comps in the area. If it could sell for 75K then I would buy it under a subject to type of deal where she would keep the mortgage in her name but you would pay it, have her hold a 2nd for the 5K to be paid off within 5 years so the payments would be low but she is making interest on it while you pay it, fix the units up, get some tenants in there and then list it for sale for 75K if not more. Whatever the market will bear.
Tim
Re: she will keep mortgage in here name - Posted by ssg
Posted by ssg on September 11, 2007 at 06:27:17:
I make good money with my work, I install Custom Cabinets. Could do rehab over a few months and make her payments on her $5,000.00. give me a idea here.
Re: Friend wants out of rehab duplex quick - Posted by ssg
Posted by ssg on September 10, 2007 at 15:09:13:
And the mortgage note is a 30yr and owes 29,000.00
Re: Friend wants out of rehab duplex quick - Posted by ssg
Posted by ssg on September 11, 2007 at 13:24:38:
currently not rented needs carpeting, kitchens finished, appliances, painting and good cleanup in & out and someone stole the AC unit. separate utilities.
taxes and insurance included with mortgage=394.00
Re: Friend wants out of rehab duplex quick - Posted by Ryan
Posted by Ryan on September 10, 2007 at 17:21:31:
Where is this located?