What can I get out of this deal? - Posted by Mike

Real Estate Investing
1

Posted by ~Steve~ on April 02, 2003 at 21:27:57:

Nope. Not with that 20k. Move on.

~Steve~

2

What can I get out of this deal? - Posted by Mike

Posted by Mike on April 02, 2003 at 07:01:23:

Got a call from a couple in foreclosure. They haven’t paid their mortgage in a year! It is approx. $1,800.00 a month. I’d say they owe a little over $20,000.

Their loan is for about $191,000 and the house can appraise at about $210,000. There is very little repairs that need to be done. I am currently in the process of getting them to sign a letter of authorization to release information to find out the exact numbers.

It is a legal 2 family. 2 bedrooms on each floor. He is willing to let me take the mortgage ‘Subject To’. The loan is at 6%. The $1,800.00 per month includes PITI.

Does anyone see a deal here?

Thanks
Mike

3

Re: What can I get out of this deal? - Posted by ~Steve~

Posted by ~Steve~ on April 02, 2003 at 12:23:37:

Mike-

What do you want to do with the property- Hold, Sell, Live in it?

~Steve~

4

Re: What can I get out of this deal? - Posted by Mike

Posted by Mike on April 02, 2003 at 13:14:56:

That’s what I am unsure of. There is no equity in the house. The problem with taking it subject to is that I would have to get the loan current. Which is around $20,000. I can’t seem to see any real deals.

Can you come up with anything?