Posted by cleghorn on December 02, 2001 at 13:09:00:
There is probably a way to do this deal with little
or no cash if the seller is as motivated as it appears.
The exit strategy can be built in. I might be willing
to invest in this, so email me. 1/2 a deal is better
Ideas on this deal? Upscale neighborhood. - Posted by AdamFL
Posted by AdamFL on December 02, 2001 at 10:34:47:
Received a call from one of my signs. I’m not used to higher end neighborhoods. Here are the details:
4/3, gated community ($190-600k homes), 2400sf, needs no repairs, comps $210k.
Owner owes $140k, PITI=$1200/mo + assn fees of $80/mo.
Owner said would take $180k cash and/or would be interested in talking about having payments taken over.
Any ideas on how to do this deal with little out of pocket cash (I have A+ credit)? I’ve thought of sub2 + some upfront cash and the remainder upon sale.
I’m also unsure of an exit strategy here b/c it’s an upscale neighborhood. I’m generally looking for long-term investments or fairly quick flips. Rents are around $1600-1700. Any ideas on exits in these neighborhoods would also be appreciated.