First deal opportunity
Ok,
I need some objective thoughts and decisions. PLEASE. This being my first deal opportunity I would Like some help.
Ok, here goes. I just got off the phone with a woman who will sell to me for a couple hundred dollars. The mortgage will stay in her name and I will make payments. The owed amount is ~115k and it's CMA is ~145k. Here PITI is 1,010 and she is located near a comunity college. I would like to lease-option it out for about 1200 a month. with a down payment of about 5k.
if this is doable please let me know. I beg for some objective opinions since my feelings are on a high because it is my first opportunity. 
I will take what is said to heart. So be blunt and honest.
I would also need to know what forms to have ready for my attorney to look over.
Thanks in advance,
Dan
I am not completely dependent but I do respect the input of others expecially the senior investors of this forum.
Dan[ Edited by DanDanAgentMan on Date 12/18/2002 ]