I am looking for advice on a deal. I am somewhat new and, don't want to blow it due ti lack of experience.
I market to people in pre-forclosure. My goal is to use Greg Murphy's sandwich lease method or obtain a property with equity that I can resell for a profit.
I just met with a nice couple in pre-forclosure. They have a 4 BR pretty house in a great area. The ARV is about $300K. The mortgage on the property is about $200K. The couple also owns a lot in a residential neighborhood, free & clear. The lots sell for around 15K.
The couple wants to downsize to a smaller 3/2 within 1/2 hour of their current home. They would like me to find them a property. They are willing to sign the house over, subject to the existing finance, and include the land - all for $335K. We have not yet come up with a down payment amount but, I know the mortgage will need to be reinstated. Existing payment is 1,200 / month. Taxes are 3,200 / yr. HOA is $90 / QTR. Total = $1,500. Rents go for about $2,200.
I feel as though, if I was "savvy" investor, I could have had them sign the house over with equity. I want to do the right thing for the couple, whoever purchases or leases the property and myself. I have advertised previously for buyers but, my I don't currently have one that I believe would qualify for a house this size with the financials necessary to put this together. I am open to any suggesions. Don't want to ruin an opportunity.
Hello DG students,
I am looking for advice on a deal. I am somewhat new and, don't want to blow it due ti lack of experience.
I market to people in pre-forclosure. My goal is to use Greg Murphy's sandwich lease method or obtain a property with equity that I can resell for a profit.
I just met with a nice couple in pre-forclosure. They have a 4 BR pretty house in a great area. The ARV is about $300K. The mortgage on the property is about $200K. The couple also owns a lot in a residential neighborhood, free & clear. The lots sell for around 15K.
The couple wants to downsize to a smaller 3/2 within 1/2 hour of their current home. They would like me to find them a property. They are willing to sign the house over, subject to the existing finance, and include the land - all for $335K. We have not yet come up with a down payment amount but, I know the mortgage will need to be reinstated. Existing payment is 1,200 / month. Taxes are 3,200 / yr. HOA is $90 / QTR. Total = $1,500. Rents go for about $2,200.
I feel as though, if I was "savvy" investor, I could have had them sign the house over with equity. I want to do the right thing for the couple, whoever purchases or leases the property and myself. I have advertised previously for buyers but, my I don't currently have one that I believe would qualify for a house this size with the financials necessary to put this together. I am open to any suggesions. Don't want to ruin an opportunity.