Part Subject to and 200k cash

[Stephen Mozingo]

Seller has mobile home park w/ 21 mobile home, 7 A-frame apartments and 2 other small apartments for 1.5m. He has 1.3 as debt/mortgage.  Before the call I was expecting to simply ask about seller finance but he mentioned the mortgage of 1.3 and the seller simply wanted to cash out. Not expecting this I asked if he would consider subject to the 1.3 and 200 cash. He says it would definitely be a consideration and he would send over the property details.

I don't have 200k cash.... which actually looks like the sellers agent commission plus attorneys fees for drawing it up and closing so maybe 275k.

Yall go easy on me, this would be my very first deal. So, with this limited info will you give me some ideas?

[Andrew Postell]

@Stephen Mozingo I appreciate everyone's comments here but if you don't have 25% downpayment then you won't be able to execute on a property like this.  Hard money won't help in this scenario.  Neither is if the property is officially listed or not.  

And to be clear - NONE of us have $200,000 just laying around when we start out.  I don't mean to discourage you from searching for properties but unless you have someone showing you the ropes doing something at this level would be nearly impossible.  

If you are interested in getting into real estate I would suggest to read up on "house hacking" first.  See what you think about that strategy.  That strategy needs SIGNIFICANTLY less out of pocket.

Hope all of that makes sense.