Re: OK smarty pants, figure this one out - Posted by KevinTX
Posted by KevinTX on September 21, 2000 at 22:00:39:
Sorry JohnBoy, I guess I though you were a mind reader. I will answer your questions in order…
What would this house rent for in the area?
1400-1500 now, new elementary being built less than 100 yards away at the end of the street. Rent values should increase when complete.
What is FMV of the house?
A smaller house in the neighborhood sold for 133,000, so Im estimating 140,000
Does it need any repairs?
Not to my knowledge, house was built in March,2000 and is still under builders warranty.
If so, how much and what would they cost?
What do you plan to do with the property?
Sublease, the sell outright after option, unless you have other suggestions.
You said you would pay $50 a month over the mortgage amount each month as rent to the seller. I assume based on your post that the payments are $1150 including PITI?
How does your wife fit into whether you can do this deal or not?
She is a legal assistant, anything that involves a lawyer is significantly discounted, he is her boss and a good friend.
How old is the house?
How old is the mortgage?
What is the interest rate on the mortgage?
Unknown, FHA loan, based on purchase date I assume around 8%
Is there just one mortgage on the property?
Are the payments current?
Does the seller NEED any cash from it now?
If so, how much?
Unknown, lets assume they do, they are divorcing and it can be expensive
Thanks for taking time to read