Just Want To Get The First One Done!
Hey gang...relative newby here....very, very anxious to get started.
I see many opportunities from time to time with regard to homeowners that are looking to get out from under their current situation and wat to save their credit by avoiding forclosure. I am pretty familiar with the subject to although I have yet to do my first.
Would the following be a good idea, or am I simply ruching into it and need to wait on a "great" deal ro come around?
Ranch home built in 1997
Owes: $109,000
Recent Appraisal: $120,000
2100 sq ft.
Great condition, needs nothings.
New back deck, renovated bathroom, fenced backyard.
Homeowner has moved out of state and is about 2 payments behind. She said she is open to any option.
My current work situation currently is slow, as I am an on-site agent waiting for new construction to begin. I really want to get started even though income is not flowing like it will be 6 months from now.
I thought of acquring this property subject to, and immediately turning it into a rental property. The area is ok, clean but kinda in the boon docks.
Am I jumping the gun or is it ok to do a deal like this just to get my portfolio started? I also can bring in a partner if I need to who has good credit and cash available to lessen the risk. (holding costs, DOS, etc)
I want to get started..finger is on the trigger!!!! Should I pull it or wait for a better deal??
Thanks in advance!
Have you thought about trying to do a short sale?
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=faq#rules[ Edited by JohnLocke on Date 04/08/2004 ]
Good start but...
1) What are the monthly payments (PITI)?
2) What are the market rents?
If you can cash flow this for a year or two and sell it with owner financing terms, then you have a possible deal here.