Nembie - Any Suggestions?
I'm a newbie entering the LO business. For the past few weekends I have been dropping off flyers in my target area when I was stopped at one home by the owner.
Two brothers inherited their mother's semi-detached home and they are wanting to unload the house as both of them are moving out of town shortly. Their current mortgage payment is $1,100 per month and the basement has a large 1 bedroom apartment complete with living room and fireplace renting at about $650 per month. The owner said they had the house appraised at $210,000 three weeks ago (I've got some digging to do to get comps).
Question: any suggestions how I can work this possible deal - the brothers want to unload the house and I had said I would get back to them during the coming week?
Thanks for any help or suggestions you may have (this will be my first deal).
More information is needed. What is your financial situation? are you able to buy it for cash or will you have to refinance? or are you planning on taking it "Subject To"? How much equity do they have in the property? and Remember to check your comps...
[addsig]
not enough info......kenmax
to have a 1100 pymt and a ARV of 210, they must have quite a bit of equity. you need to know the current loan balances, your for sure they are the legal owners, use the courthouse on monday, this info should be recorded against the property.
with this info, figure out how what they want can be accomplished by you so you can still make $$.
A sub 2 always sounds good, but maybe these guys would rather have 10k in cash - even if they have 100k in equity. when you know what they owe, you'll be better able to figure out how to proceed.
Don;t forget, you can always just ask them - they'd probably be more that willing to talk to you since it apparently is their money...
Thanks for the input, sounds like I still have some work ahead of me on this one.