OfflineHi all.
I need some advice here. I have a seller that is moving out of town; has no equity in the property; behind on 2 mortgage payments(another one due in June). One major advantage: it is located in a great neighborhood in the most desirable part of town.
Seller just wants out.
What can I do with this property in Texas? I already spoke to the bank and they will not accept a short sale(small local bank). I would appreciate any suggestions.
Thanks in advance.
Breakdown:
4/2/carport
Brick
ARV-$110,000
Repairs-$8k
Payoff-$110,604
Joseph
__________________
Payments are right around $1200, mortgage is $1106 but what about the $8k of repairs needed? How do I get around that without using money I don't have?
Thanks,
Joseph
how much will it rent for?
Texas and North Carolina have very strict laws regarding L/Os. A lot of people will tell you that they are even Illegal in TX. That is not true, but they must be done just right.
Karen
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Joseph,
One of the things I've always been taught is to not get emotional about a potential deal. If the rents won't support a positive cash flow as is, then it really won't support a cash flow once the $8K is put in for repairs.
Real estate is not only a people business it's also a numbers business. If the numbers don't make sense, then it's not necessarily a deal. If the bank won't allow a short sale and there is no equity in the property... (as much as I hate to say it) you may just need to walk away.
I'm all for trying to help someone out, however, there are too many other great deals out there that you could be chasing rather than chasing a potentially marginal deal.
Please don't take my advice as the absolute answer. By no means do I have all the answers for every situation, however, to me... it doesn't make any logical sense to pursue this deal. (Sorry I'm on a logical kick after watching Dean's latest video blog today.
)
That is what is great about this site. Everyone here has different experiences from different situations and different solutions on each of those situations.
If you pursue the property, I hope someone here can lead you in the right direction to make this deal profitable for you while helping someone out.
Good Luck.
Brian Carter
Brian Carter
Proverbs 13:20
BirdDogBot
Kareng is right. PM me and i will tell you who to go to for information on how to do TX L/O's right and not get into trouble.
Linda, Army EOD Mom
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I would consider the Sandwich Lease Option as well! By the way I got your inbox message but it says you dont get replies. Im not sure how else to get in contact. I wrote on your guestbook as well but my personal email got cut off. The last part is yahoo! I hope this helps and hope to hear from you soon to see how else I can help. Good luck!
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