Updated over 7 years ago on . Most recent reply
Stop the bleeding...How to help a friend and get my first deal.
I have a family friend that needs to get out of a property they own. They are bleeding money -$2200 (~$600 when rented) per month. Why they haven't dumped the property yet, I don't know?
Now they want to get rid of it. They don't care if they make any money on it but they don't want to lose money either. They just want to stop the bleeding. I'm looking for ideas that will help them out of the property and possibly get me into my first deal (if it is one) with little to no money OOP.
Here are some details that I know of:
Property: SFR 3/2
Current Loan Balance: ~$247,000
Current Rate: 8% (yes, that's right) they can't refinance they've looked into it already.
Current Payment: ~$2200.00 p/m
Current Status: Vacant
Rent for the area: ~$1600.00
Repairs: ~$8k+ (according to a recent bid from a contractor)
ARV: ~$277,000
Any suggestions would be much appreciated.