My first subject to deal... possibly (Indianapolis)
I just bought my 1st house in november with a 10 year land contract, it cashflows about $500. 40k equity.
I havent been looking to buy anything since then, busy with day job and such. But last week I found the initiative to put a couple bandit signs out. A few days later I got a call. A lady that recently lost her husband has been trying to sell her old house. She's been renting it to tenants that want to buy it but havent been able to get financing.
It has been listed for 350k, she mentioned that she has about 30k equity and would sell for 325. i asked for her bottom dollar and she said she would have to think about it. i also asked what the payoff amount is but she didnt want to tell me.
I told her if I were to buy it I would give the tenants time to get financing and eventually sell to them. I have not dropped the "mortgage will still be in your name please trust me to make the payments for you" bomb yet. I am meeting with her at the house next week. I would appreciate very much any advice, this will be a HUGE step for me, I want to make sure its done right
mortgage $1800-1900
rent $2100
listed for a year at 350k, offered to lower it to 325, is currently considering a lower price.
it is in a suburb of indianapolis