Is This a Potential Deal? - Posted by ChrisW

Real Estate Investing
#1

Posted by CurtNY on December 20, 2000 at 13:40:32:

Chris,
At first this looks like a possible subject to deal or a lease/option. But then you mention the monthly payments of $699 and tenants paying $800. My question would be if he has $101/mon in cash flow how come he’s two months behind in payments? Are the tenants behind, are you going to have to evict them? He owes $59,000 but what is the property worth, does it need work? What are the market rents? Whats your exit strategy?There is a lot of information you need to find out before you go forward with an offer. Make sure you do you homework. Good Luck.

CurtNY

#2

Is This a Potential Deal? - Posted by ChrisW

Posted by ChrisW on December 19, 2000 at 20:50:39:

I spoke with a seller today who is a few months behind on his payments and is about to head into forclosure.He is just looking to get what he owes for the house. Unfortunately he does not have much equity,has only been paying on the mortgage for about 2 years. He owes 59k plus 2 months in back payments. He said he would deed me the house.Is this something that I would want to do(when there is no equity). His monthly payments are $699 and his tenants pay him a total of $800. This is all new to me. Is there any possible deal here and if so,what should I do? Thanks