Possible first deal - Posted by Keith B FL

Posted by Keith B FL on November 23, 2003 at 23:58:55:

Hey John thanks for your reply. The seller owes 43k. Plan on getting comps Monday morning. Don’t know if condo association allows renting but we want to sell it retail possibly through a realtor. We want to give him 5k upfront so he can move out and pay some of his bills. The rest when we sell. We’ll find a buyer(or use a realtor), sell it and keep the difference. Should we use the subject-to approach? Does he transfer the deed and title to us? Do we need a lawyer to draw the contract? Thanks again for your help. KB

Possible first deal - Posted by Keith B FL

Posted by Keith B FL on November 22, 2003 at 12:37:21:

I found a 2/2 condo with the owner being 2 payments behind. He wants to sell asap. It was appraised at 78k, he will take 65k. Our offer: make up back payments, 60k, we pay closing costs, with 5k now the rest in 6 mos. Just not sure what to do next if he accepts our offer. Any suggestions? Thanks. KB

Re: Possible first deal - Posted by JohnP SFL

Posted by JohnP SFL on November 23, 2003 at 07:30:35:

Keith, What does he owe on the property? What are the comps in the area? (Not appraised price). How much are the payments per month? Will the condo association allow you to rent? Are you putting a new loan on the property or are you taking subject to the old mortgage? There is not much spread here. The best thing you could do is take over payments and catch up the mortgage. I would then L/O the property if possible. If this is your first deal I would caution you unless you have some back up cash if there is no renter. I hope this helps.