Updated almost 10 years ago on . Most recent reply
what do you think about this deal?
Owner Financing / Subject-To Deal 4.75% fixed rate. 3bed 2 bath. You pay $19,959.21 today and you own this house. $106,000 will be the contract price. $90,950 will be owner financed / subject to existing financing at 4.75% Fixed. You simply take over the payments (monthly PITI $954.69) and bring cash to closing for the difference. This is how much you bring to closing to own this property: $106,000 (contract price) – $90,950.17 (subject to existing loan @ 4.75% fixed rate) + $1909.38 (2months payments behind) + $3000 (estimate closing cost) = $19,959.21 You bring $19,959.21 and you own this property with a owner financing rate of 4.75%. That's right, you do not need to get a loan for this long term investment. You do not have to pay heavy fees for that Hard Money loan. You do not need to have to jump through any the hoops to borrowing any money. You will simply take title under the existing loan. Title is clear and it is ready to close. File is with First Republic Title and it is ready to close as soon as you are. Needs carpet and some sheetrock repair around the kitchen pantry shelves. or, You can sell this as a lease purchase or your own owner financing and require your tenant to put down a large downpayment and also have them fix the property themselves doing a Work for Equity Program. Buyer must pay closing cost and the mortgage is late by 2 payments (November 1st and December 1st). Current existing loan information: Wells Fargo $90,950.17 @ 4.75% fixed rate final payment in November 1st 2043. Monthly PITI $954.69. I would keep this deal for myself except that I don't have money for closing cost so you get this crazy deal that is already financed for you. This file is ready to close, get this in your profolio before the end of the year and claim it as a loss on paper for tax advantages! But you are really gaining by acquiring this property.