First contract is Subject to existing financing. Help!
Hello BP. Well after a dedicated year I have a deal! I have a solid idea of how to best capitalize but I am excited to see the many minds of BP share its collective experience for this newbie. I am in the unique position to take it down myself or assign it make a nice spread,cash flow and combination of both. If i had a leaning it would be to assign and use my profits for more marketing towards pre-foreclosure's and lease options with the goal of scaling my business to large multifamily apartments, with my first purchase of a quadplex first quarter 2017. Looking forward to all insight.
Subject to existing financing.
Cure of back payments: $30,523.54
Closing Cost : 600 (or less)
Outstanding Principle Balance: $ 237,355.83
Original Principle Balance: $245,113.00
Mortgage (PITI) $ 1175.89
Rentometer estimate: $1695-1700
Interest Rate: 2%
Type: VA 30 Yr Fixed
Rehab Cost : $7.5k-10k
( Realtor Comps)
Listing Price between $339,900 and $425,000
4 Bedrooms
4 Total Bathrooms
2,887 to 4,300 Square Feet
$92.92 to $124.66 per Square Foot