Is This A Good Deal?
ve been afraid to get into REI, but I think I may have a deal here. Could you let me know what you think?
3 BR, 1.5 BA twnhs in Colorado for $149,900. asking only $500. down. The daughter moved from CO to CA and place is vacant. Dad owns RE/Mortg company in CA & is trying to sell the place for her. Dad said the "seller would be willing to pay most of closing costs". Both daughter and Dad have CA area code phone numbers, so they might be motivated sellers. Since the dad is a RE Agent, is this like a more traditional for sale... or not?
The last county appraisal (06/02) was for $156,600. The deed in the daughter's name appears to have been released (04/02) and she has no liens on her name.
Could you please let me know if you think this has potential & if so, how would you handle it? L/O, Sub2? last possibility would be buy it w/ My $ (bad idea) and rent it, but I don't want to go there.
I think you need a lot more information to figure it out. first, the apparaisel was a long time ago. is it worth more now? how much? run some comps or have a local agent give you a good idea. what would it rent for? call a good property management co. and find that out also. if the value is still 156k I cant see there being enough room for a subject too. lease option may be good, but you need to see what rent would bring in so you know what kind of lo option payment you could have. again, find out more info to get better answers. so far the only 500 down and seller pays most closing costs is a good start.