Updated almost 12 years ago on . Most recent reply
What would you do?
The house next to my one and only rental is up for sale. I've always jokingly told my husband that if that house ever went up for sale we'd have to buy it because the badly kept yard affects my current rental's curb appeal. Well it happened, it's for sale, and needless to say I hadn't planned for it (meaning no savings) however, I do have about $40k equity in my rental home. My husband and I have excellent credit as well. I know it's a motivated seller, I've spoken with the agent. It's listed at $145k, but the agent said it would go for less if I were to do the fixes. By looking at county records I know the mortgage is probably at around $125k and am considering offering the seller a "subject to" purchase offer. Can I still do this with a VA backed loan? My goal is to get the house with the least amount of money, and buy and hold at least until summer for a bigger profit. If the seller won't agree to that deal, I would like to have a plan B, which is where I'm considering using the equity I have in the rental. Thoughts? Thanks in advance!!