Advice On RE 6 Month Old House
Well here we go! And By the way this will be my first deal on my own!!!!!!!
Home is 6mon old? The area is a new development area and the home around it are very nice. 130K + they have more SQ and thats about is.
They payed 114K have have really no equity in the home they need 4K to pay some bills. They were going to get married but decided not to. They can move in three weeks.
They were asking 125,900K
My thought is to have them Wrap or Subject to the Mortgage and give them 4k to move (2k each) and take over the payments have them sign over the Deed to me and then rent it out. They are going to leave all new appliances.
My payments would be about 700 a month and rent it out for 1200 a month ( I had a Mgnt company take a look it and said it would be possible. (8 to 10 %)
What am I missing.
Dave
Thanks in advance.
The only thing I can see that you are missing is a renter. I would get a renter lined up (with his deposit of first, last and security) making your initial out of pocket cash 400 bucks.
Good Luck,
Kyle
Good Day to you:
Don't forget Taxes and Insurance and misc stuff as well as a vacancy factor. Once you figure all that and the 120 per month for mgmt and you still ahve positive cashflow....then go for it!
Good luck and make $$$
Tom