Updated over 10 years ago on . Most recent reply
Possible Quick sale
I have a messy but interesting first opportunity...
Friend of a friend is in bankruptcy and facing eviction but has good employment and a good pay record. Her name and her father in law (FIL) from a failed marriage are on the note. Father in Law will not return calls and so her entire financial state is tanking. she can not sell because of the FIL. House is 1489 SF 3/2 home built in 2003 shows to be worth 145,572 but might be a window to acquire for $100k prior to repossession.
Thinking of trying to work this deal and keep the wife in the master at 650 with another known renter at 500 and a third at 450 with me paying the utilities and no lease agreement. The deal would be
- Bid $100k
- down $20k
- immediate repair $5k from cash
- Borrow $80k
Mortgage Costs $799.43
- P&I $381
- Taxes = $297.50
- Insurance $90
- Mortgage ins $30
Landlord costs $179
- Repairs 7% = 56
- Vacancy 8% = 67
- Management 7% = 56 Probably me
Utility Costs = $290
- Elect = $110
- Water sewer = $70
- Gas = $40
- Internet = $70
Expected rent =$ 1600 / month
Total costs = $1268 / month
Cash positive $332 per month
It is messy with the situation and might go on to the court house before we can get in but what are your thoughts? First time here so I hope I did this Ok.
Blessings and Thanks
Hardy