Subject To
Hey BP Family,
I need a little help with my situation. I am going to look at a house tomorrow with a motivated seller. She paid 130k, she owes 95k and is asking for 115k. The house is in good shape but in a C or D neighborhood. The great thing about it is that it rents for about $3500/month. That sounds crazy, I know, but it is a women's recovery house and there are 8 women living there (9 total can live there) paying $440/month. The mortgage is $650/month and the total bills are about $900/month. I am trying to figure out the way to best approach the situation. Should I offer her a subject to deal? I was thinking i could offer to buy the house at 95k at a 10 year lease, paying her $750 so over the life of the lease she will make 12k. Need some feedback please