Potential Subject - To Deal
Hi Members,
I am looking for some advice/strategy on how I can pull a certain deal off. I have never done a subject to transaction but want to get some info form experienced investors so I can present to the seller properly. Here are the property details:
House is worth roughly $320,000 and I could purchase it for $310,000. It needs absolutely nothing and is move in ready, immaculate condition. Its my brothers house so that helps. He owes roughly $140,000 and has a loan of 4.5%. So I would need to get a loan for the remainder $170,000 which would probably be about 8%. Rent would be $2,000 per month, and I plan to hold long term, and also need the tax savings. Profiting per month does not matter to me financially, this is a long term play. What would the deal parameters look like for me as well as my brother. I understand I might not know what I need to know, so some advice would be much appreciated!
Not the best purchase, but I cant find much else out there, and like I said, it is one of the cleanest houses Ive ever been to, and would instantly be the most coveted rental in my area.