Newbie Deal Help
O.K. need BP help on another deal. I have a seller that owns a property free and clear, except the $4,500 Tax due, so free not clear. It is a 2/2 that he did a $30k renovation on 2 years ago. It's worth $63k according to Zillow. Tenant is paying $650 and moving out this week. Comps are $70K- $90K - $113k. Cosmetic repairs less than $800. (Waiting on Pictures to verify)
He wants 40k
Wants to Quit Claim to get most back (no closing fees)
He wants to walk away with 32.5K after tax is applied to $40k
My fee- 3k
How would you do this deal? What is the better way? I see that he is trying not to go under the 30k he has spent, so at least $1,500 of that other 3k is negotiable.
For the smart investor this is a $1000 down and pay owner $300 month while investor cashflow. I am not in position, AT ALL" to do that yet. The rents in area are now $800-$950.