Can I Get Some Advice On This?
Hey everyone,
I have a possible Sub2 deal that I would like your opinion on. This is my first one and the numbers are tight in my novice opinion. That's why I would like to hear how yo would approach it.
home was built in 1999. area appreciating at a good rate. 2 story, 2300 sq ft, 4bd 2.5 bath. needs no work. Great area near golf course. he's actually putting in new landscaping (i'll let him continue and say nothing unless he starts to sour on the deal, then I'll tell him to stop any and all work and just let me take over).
comps are strong at $215,000
1st : $169,000 payments current
2nd: $42,000 just behind a couple of weeks on 1 payment
He moved out of state (job transfer) and his wife and kids are living here until they sell the home. They want to move ASAP. He said that his wife just wants to get moved as quick as possible. I told him that if I could do anything it would have to be to take over payments. I initially got the feeling that he understood but he left me a message on my cell wanting to meet with me this weekend at the house but gave me the impression that he thinks I'm going to pay off the loan right away at closing.
How can I smoothly make the point again that I will be taking over payments and will cash him out when I find my buyer?
Would you do this deal?
What would you sell the home for to a lease option or contract for deed buyer?
Any other thoughts are welcome as well.
Thanks so much,
Jason
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