Please Help Is This A Deal
Hello everyone. I am very new to investing. I had someone contact me thats in preforeclosure that wants to sell his home for the payoff amount. He owes 107,641. He has only owned the house for 1 year, but did make a $19,000 down payment on it. He is willing to do most repairs except repair the roof and get the central heat and air unit installed(he already has the unit). He bought the house for 120,000 as is. But have made improvements on it. He stopped because the tenants never paid rent. He is in the process of trying to evict the tenants, but the house will be foreclosed on July 6, and thier court date is July 18. Homes in this area go for 150,000 to 160,000. Is this a deal.
Thank you so much for responding. This helps a lot.
Yeah, you wanna make sure you know exactly how much is owe once the loan is reinstated.
This does help some.
Thank you!
On the plus side, if YOU occupy it as your principal residence for 24 months you can exclude the gain from income up to 250k single or 500k if filing jointly and both meet the residency test of 24 months. Good luck!
Finniganps, thanks for your input, much appreciated.