Possible First Deal, Need Advice: Raleigh, NC
All,
I think I may have found my 1st deal, by reaching out to my circle of influence. A family friend became an accidental landlord when he was transferred for a new job. The property is a 3/2 town home that is currently rented for $895. My friend is looking to do anything to just get out of the property and will take what he owes to move on.
He currently owes 86K on the property and the comps pulled by a real estate agent are between 105-120K. Thus far have been able to determine that the property does not cash flow when financing at a purchase price of 85K
I need suggestions, preferably with little money down to help my friend get out of this property as well as profit for myself.
Any help is appreciated...and I would also like to network with any local investors as this would be an out of state deal for me.
Most Popular Reply
reduced HOA certainly helps. Still doesn't look like there is any meat on the bone to me, but hey, that's what REI is all about: find solutions others don't see!
If you do go ahead with Sub2 then check out the many recent threads on what the potential pitfalls are with new regulations, using loan servicers, etc. (for example @Bill Gulley
posts) an how to structure without getting yourself into hot water