I need some advice on my situation regarding a short sale!
Ok, so I live in a house that the owner is doing a short sale, he was asking for 350k, and is now asking 325k. I am currently renting a room and will become the "landlord" of the home come 4/1.
The owner does not live there, it is I, my SO and our daughter, the landlord who stiffed him on all of our rent is being evicted and him and I struck a deal for me to stay, plus our other roommate.
Once she leaves we will have another roommate coming back that she originally kicked out (he did work around the house, installing a new wall to make the 4th bedroom she's staying in and then she kicked him out).
So once he moves back in, we will only have 1 room vacant. Ok, now to my question, I am trying to figure out how I can turn this into my first investment. I don't know really all that much about short sales, I've been reading this forum but the picture is still kinda hazy.
The plan in my head is to buy the house, but I am not sure if with a short sale I can get it at a discount to make it profitable? The owner has shown heightened interest to sale it to me, and he was giving examples of me putting in an offer, he mentioned 290k lol even though he's asking 325k, so he sounds motivated to me.
But I want to make the house a rental property, with me living downstairs and 3 roomates upstairs, can someone help me sort this out in my head, get me thinking down the right path?
:beer: