Posted by NJDave on November 02, 1999 at 10:09:36:
Whose estimate of value? Before you assume any facts upon which you structure a ‘deal’, you should verify especially it’s FMV. A tax assessment is NOT a reliable indicator of value, nor is a homeowner’s opinion of value. Use the on-line comparable sale resources to see if you’re in the ballpark.
Good luck, sounds like a great opportunity. Perhaps, though, if something appears too good to be true…it probably isn’t.
Real Estate Acqisition Question - Posted by Tom Manglona
Posted by Tom Manglona on November 02, 1999 at 09:02:05:
I am a newcomer to Real Estate Investing and need your input on how best to approach the following situation. I found a 4bd,2ba, fully concrete house with approximately 1600 sq. ft. of living area on a 1000 sq. meters of land. Its’ estimated value is around $190K. The owner only wants $95K for it. She has a $67K mortgage on it paying$1,200.00 per with balloon payment of $40K due in 2 years. She is behind 5 months on her mortgage payment. The property is only getting $750.00 per month Rental due to slow economy, so she has been experiencing negative cash flow. What would be the best method of acquisition and disposition for a profit. Need your help on this one.By the way, I am currently unemployed with no credit history, Thanks.
Regards,
Tom