Updated about 12 years ago on . Most recent reply
Motivated Seller but is there any way to make deal?
What's up BP - I'm wholesaling, marketing steadily for deals and came across a seller that is motivated but I can't find any way to make the numbers work. Can anyone look at this creatively and let me know if there are potential options? Thx in advance.
The house shows terrible on the outside but is updated on the inside and is a nice house to live in, in a decent neighborhood. The house is currently rented for $1,200, probably below market rent of $1,350. He owes taxes on another home and wants to sell this one to net $30,000. He's willing to walk away from the house if he can get his $30k. The house is worth in current state $185k-$190k. He owes $175k left on his mortgage and is a fixed rate loan. His monthly payment is $1,200 (PI)
A subject to deal doesn't seem like it would work because he needs so much out of the property. Is it possible to keep mortgage in place, give him $30k now and then agree to purchase the house in 5 years at a price that would basically just pay off his mortgage at that time?
I appreciate any feedback, thanks.