Sub2 and L/O
Hello everyone,
I have a question about a strategy I think will work but I would like to pass it by y'all before I pull the trigger. I have an owner who contacted me today and was looking to sell her property. Now at first, she did not sound extremely motivated, but I dug a little deeper and it sounds like she has debt issues that she needs taken care of pretty quickly--she is also not interested in the idea of repairing anything or the other issues asscocitaed with putting her house on the market. Namely: cash out of pocket,inspections, appraisals, open houses, waiting on offers etc. Now, she owes 109k on the property. It is a 3-2 1567 sq ft house in Fort Worth, Texas built in 2010, and in the area she is in the houses ARV at about 135k. (still waiting on comps from my agent--I am famliar with the area) I was thinking about doing a sub2 and then offering a lease option to the end buyer. I do not want to hold this property, I just want to get in and get out. I have her getting the exact payoff, monthly payments, pmi, insurance etc. I think it would work but I am a little fuzzy on exact terms that would make sense for both of us. She started by saying that she wanted 125k and I let her know that number was too high for what I do and she said she'd reconsider. I booked an appointment with her, after rejecting her first offer, and would love to get a better grasp on what to offer her so that I can get her under contract. Please do not beat me up too badly if I am way off base here. I just do not want to be a one trick pony and I know these types of deals are done all the time! Any and all comments welcomed! Thanks for your time