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All Forum Posts by: Trevor Gunderson

Trevor Gunderson has started 1 posts and replied 1 times.

Buying & Selling Real Estate

Post: Sub-to offer seems too good to be true

Trevor GundersonPosted
  • Posts 1
  • Votes 1

 I'm relatively new. Purchased a small single family home in September of 2022. It didn't cash flow that well but it was in great shape and I had to deploy some 1031 money.
I was recently approached via text about selling it via sub-to. They asked for my mortgage numbers and rent. 

Purchase price: 145k (September of 22)

Rent 1125

Mortgage payment 795

Offer: Purchase price: 180k

Down payment of 10k
Seller assume my loan.

323.90/month to me. 
amortized over 25 years w/10 year balloon. 

Basically their payment would be exactly the cost of the mortgage and my cut. They wouldn’t have any money for maintenance, vacancy, or capex. 

How are they going to make any money on this deal? Am I missing something? 

I don’t think I acquired this property that much below market value. There is some room to raise rents this year when the lease is up but not by much.  It feels like a scam. Can anyone help me understand?

1 Vote