Possible Subject too deal in Jacksonville FL

Possible Subject too deal in Jacksonville FL

Real Estate Agent · Jacksonville, FL · Member since 2016 · 102 posts · 8 votes

Are there any subject too investors here in Jacksonville that can help me out with a deal that i have?

Here are details summed up 

This is a family house. My Aunt and uncle died left my cousin a house. They took out a 190k line of credit before they died. The bank is treating it as a mortgage and not a HELOC. Payments are less than $550 until 2037 when the loan is paid off . The Ouse has an ARV of 265k all fixed up. The house is in great condition it just needs updating. It's a 4/2 2400+ sqft in the good part of Arlington. It is going through probate and will be done  next week. I need to know which direction to go with this because at 190k its not a flip but i know this can be a great subject too. I am in Jacksonville today as well

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Investor · Saint Augustine, FL · Member since 2015 · 227 posts · 61 votes
9y

Why not straight out sell it if the ARV is $265k and owe $190k and it only requires updating...there is room for a small profit...

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  • Sandy, UT · Member since 2017 · 8 posts · 0 votes
    9y
    Why would you not just keep it and rent it? I apologize if I am being to simplistic.
  • Investor · Saint Augustine, FL · Member since 2015 · 227 posts · 61 votes
    9y

    Why not straight out sell it if the ARV is $265k and owe $190k and it only requires updating...there is room for a small profit...

  • Real Estate Agent · Jacksonville, FL · Member since 2016 · 102 posts · 8 votes
    9y
    Andy Robertson Andy I wish I could keep it but I do t have the money to update it to rent it.
  • Real Estate Agent · Jacksonville, FL · Member since 2016 · 102 posts · 8 votes
    9y
    Zana Blue I was thinking commissions and other closing cost would eat our profit up if we sold it at a discounted price.
  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    9y

    @Dan Green, what would it rent for? 

    whats the Taxes and Insurance like? 

  • Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
    9y

    Yep, please provide more specific numbers, even if just an estimate.

  • Real Estate Agent · Jacksonville, FL · Member since 2016 · 102 posts · 8 votes
    9y
    Maxwell Lee what other numbers do you want?
  • Real Estate Agent · Jacksonville, FL · Member since 2016 · 102 posts · 8 votes
    9y
    Hadar Orkibi it would rent for 1700 monthly
  • Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
    9y

    The rent (which obviously you just provided above) and the repair cost to get to that rent number and the ARV of 265k.

  • Real Estate Agent · Jacksonville, FL · Member since 2016 · 406 posts · 163 votes
    9y

    Is it worth $190K in its current condition? 

  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    9y

    @Dan Green, its hard to comment re the property without seeing if there is any further upside in it.

    from what you are saying it would not meet the 1% rules. and it requires work.

    you are saying they have a HELOC of 190k, is it fully in use?? drawn down ?

    They could have 190k HELOC on it but only 50k use which means there is more equity then you think....

    You are not saying how much it is work As-is so its hard to advise.... would you pay tax if you sell it after probate?

  • Real Estate Agent · Jacksonville, FL · Member since 2016 · 102 posts · 8 votes
    9y
    Hadar Orkibi the bank had it appraised at its current state its worth 210k the roof plumbing a\c electric foundation is perfect. It just needs some updating. It has wall paper. We owe the whole 190k
  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    9y

    @Dan Green unless you can somehow add significant value, I don't see much money in it... 

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