Need Advice! - Posted by Dan
Posted by Dan on December 09, 1998 at 21:58:29:
I’m new in real estate investing and I need
a sugestion on a possible deal. The property is a
duplex and the asking price is 139k. The seller himself
is an investor and wants to get rid of some small units.
There is only one mortgage on the property with a private
party, a ballon of about 80k due on March 2001. The income
on the property is $1,400 and the expenses are about $1,000
which include 1st mortgage (terms are 9.5%, payment $740/mo), tax and insurance.
There is some chance that the private party will
further extend the ballon due date, but I wonder if there is any way to live with the existing one.
Question #1: Is it any way to have a good deal here?
Question #2: Any sugestions of how to structure a deal?