I purchased a pre-foreclosure from a family friend via quit claim deed. She wanted $3500 to move and was behind $5000 in payments. I now have this house that has a mortgage still in the owners name. I am rehabbing the property as we speak and plan on refinancing and renting it out. The payoff amount is $65K. She lived in the property for 20 years. Comps are between $135K-$145K. Having all repairs done from business credit cards. Is this a good deal? What can I realistically expect after refinancing? Should I have taken the deed via Land Trust? My last question is will this be a seasoning issue since my QCD is not even a month old? Someone please tell me what route to take…
Thanks in advance…