SubTo on a property nearing foreclosure

[Quentin Johnson]

Hello All, 

I'm considering securing a property that's nearing foreclosure. The plan is to SubTo but I'm unsure of the deals viability. House was renovated prior to the initial purchase. It's move in ready. 

Original Purchase price: $235,000

Remaining: $230,000

Monthly Payment: $2282

Average rent in area: $1800

Zillow Estimate: $252,000

Equity: $22,000

Past due + Current month: $9200

Is there anything that can be done to make this an attractive deal for me and the seller?

[Jay Hinrichs]

Quote from @Quentin Johnson:

Quote from @Chris Seveney:

@Quentin Johnson

Ok you can sub2 it and be upside down because z estimate is useless or you can buy it at foreclosure for the money owed on it at worst?

Hmm 🤔

I was hoping to save them through subto but it’s not going to be a fit. However, I’ll keep my eye on the foreclosure list. I appreciate you. 

just B/C you can get someone to sell you sub too does not mean its a deal.. this is a perfect example. Unless there is some serious upside while you ride out the negative cash flow.