Advice on Subject to deal in Atlanta
I have got a deal that I'm trying to figure out how it can work. I went and saw a house this weekend where the ARV is 150k, the property is in great shape and would make for a good buy and hold deal and it's located in the Decatur neighborhood of Atlanta Metro. I made an offer at 110k and if it was accepted I would have immediately flipped the contract to a buyer who's willing to pay 120k. The seller wants to do the deal with me but he owes 118k and wants 125k, so he just wants to pay off his mortgage and make a little bit to move. I'm thinking a subject to deal may work where we give him 8k at closing and I find a buyer to take over his payments. I've never done a subject to deal and don't know what someone would be looking for in a deal like this. Does anyone have experience with these types of deals and what do you look for in them. Would you pay my fee (10k) plus the 8K at closing and take over the payments for a deal like this? The property can rent for 1,200/month and needs very little to no work.