So is it a deal or not? What would you do? Ok so I know what I am going to do with this property….remember the one that my past seller whom I did a sub2 deal with called me about recently?
I went to see his property last Saturday (I think that’s when it was.) Anyway, I know what I’m going to do with the deal for the most part so I wanted to throw the details out there and see if you all think it’s a deal or not and ask you what would YOU do? Or what options can you think of?
It’s a twin. 2 to 3 bedroom / 1 bath.
Owes about $58,500.
Mortgage payment $556 / mo.
Comps come in around roughly $55,000
Rents in the area are about $525 to $550.
Now the ex-boyfriends mom who lives in the house claims she will pay $700 / mo. plus all utilities except gas if she can stay and let her daughter and son-in-law move-in with her (she has been paying $300 / mo.)
In this scenario, remember that the seller will just flat out sign over the house to you and you also have your real estate license. Soooo, is it a deal or not? And what would YOU do?