Another Maybe First Deal.

General Real Estate Investing
1

Hey guys, here it is if you can help out.

Lady calls me three times to get rid of a two-family house in a nice area for two-family houses. Doesn’t need much in repairs and she’ll take what she owes on it, which is right at about market value. I’m not going out to qualify for a loan and she doesn’t seem interested in holding a note(she would have for her equity, but she doesn’t have any) Should I lease/option the house and find someone to take over, or someone said I may be able to short the loans, $330k 1st, $30k 2nd, $18k construction loan for new windows and siding.

Any Ideas? Thanks DAVE

2

Sorry, I should have added that it’s just about break even on the cash flow. I don’t know if there would be any way to raise the rents. DAVE

3

I’m no expert but it doesn’t sound like a deal to me. If she owes what it’s worth then where if your profit? Break even on rent? I think you should walk, no deal here.

4

That’s what I was thinking, unless I could Lease/Option the house and pass it on to someone with a down payment or take it subject-to and do the same, not much room on this one. Thanks. DAVE