"Subject to" Wrap Loan using owner financing and a RMLO
Hello all,
I am trying to analyze a deal for a potential "subject to" and wrap mortgage using owner financing and wanted to see if anyone could provide some assistance or recommendations based on the numbers.
The owner is not looking for profits, is ready to retire, and simply wants to relinquish responsibility of the home as he has had two prior rental tenants that he had to evict and the home has been vacant since last September.
- Market value of the home is 63k
- Owner Owes 70k to wells Fargo on a 40yr fixed at 5%, refi originated 2 months ago.
- Monthly mortgage to wells fargo is $336.
- Last rent amount was $950/month
- Estimated 4k in repairs.
- Property is not being marketed
I was hoping for some specific advice on doing an owner finance wrap such as those performed by @grant kemp (of whom I would love to receive feedback from).
I have also been looking for some RMLO's in Atlanta but have not been able to find any. If anyone could point me in the right direction that would be awesome.
Thanks in advance for your time and consideration.