Updated almost 10 years ago on . Most recent reply
Sub 2 deal
Hey BP! I have come across a road block. I had someone helping me in a Sub 2 deal but haven't really heard back from the person. Heres my issue the property, the owners currently owe $40,000 and want $60,000. The property has 2 houses in it 1 with a single family and the other they have it set up like a duplex. Gross income for all 3 rents is $1350. The loan every month is $345 and they pay 8% interest. The owners did state they at least want $5K down. What can I do next? What would you do in this situation? Thank you all for any advice you may have.
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I would tell them you can do $5000 down in 6 months and use the property cash flow to make the down payment so you are less out of pocket. If cash is not an issue I would pay the 5k down or do a mixture of the two. It sounds like a great deal. I would jump on it if I was you. I can help more but I would need more specific info. Sounds like you would also need a contract with them stating these things. If you are looking for next steps to take.