All Forum Posts by: Patricia Mclean

Thanks guys for the response. As of June, she will be 6 months behind in payments and based on comps it would be valued at around 88k. The back payments along with late fees add up to $3,826.56 as of June 1. I am confused though, when you say "get the deed" I thought that is what I would be doing if I took it subject too? The only work that needs to be done is some basic cleaning painting and cleaning the carpet. She was the only one living there and kept the property in great condition.  Its a 3/2 with a little over 1500 sqft. When you say get a 20% down loan on it what did you mean? Can I not just do what Travis suggested also?

Hi BP members, I have a owner who wants me to desperately take over payments on her house. She has not made a payment this year yet. Her last payment was in december last year. I met with her today and she has given me ALL of her information regarding her loan. House was bought for 130k in 2000. House was built in 1983. According to her mortgage statement from chase she now has an unpaid balance of $86,722.66 and she has no other liens on the property. The house doesn't need any repairs and has a brand new roof. It is in move in condition. I'm trying to decide what I should do. Lease option or sub to? Which one would benefit me? I would like to hold on to it but, by this being my first sub 2 or lease option deal, I'm not sure if I should. I need some insight everyone. What should I do?

Hello BP I have a property that is under contract for 64k. It is listed on the tax rolls as a 3/2 but, the owner added an extra bedroom and bathroom.  It is not reflected in the tax rolls or on any other site. The owner just wants what is owed on it (64). No profit. No major repairs needed just cleanup.  But to be on the safe side I would plug in 10k in repairs. The rents for 3/2 are going for 700-800. So it will go for more with another bed and bath. The neighborhood has a mixture of older homeowners and rental tennants.  What options do I have in terms of an offer on this property if owner does not want to do a sub 2? Any advice is welcome.

Put a property under contract for 85k. The intent was to sell contract to an investor or to a first time buyer. Property needs some minor fix up (10k) mostly cosmetic no major repairs. I'm getting lots of tire kickers but, no serious takers. Property is a 3/2 and sits on 2 acres. We are fast approaching the 30 day mark and I am very nervous. It's my first deal under contract and I want to start out doing the right thing with this and get it sold.