Would you do this Sub2 deal?
This is a 3 bedroom 2 bath house 15 minutes from my house and in a C+ neighborhood. It's currently rented for $925 and I'd keep them in place. The financing is $59,000 for 20 years, the escrowed payments are $660, that includes PITI. The house was built in 1967, so it's an infant here in Pittsburgh and it looks it.
It's being wholesaled and that's who I worked this deal out with, the wholesaler, her good friend is the owner. She wants $7,000 in walking money for herself and the owner to split.
What do you all think? I think it's a great deal. I'd have the $7,000 paid back to myself in 4-5 years and then it's basically a free house. IDK, thinking I could refi too, in 3-5 years.
$7,000 down
Take over the $59,000 loan with an escrowed payment of $660 per month.
Rent is $925