deal analysis help

Looking for more great help from the pros.

I have a property (in Texas) that is about to go into foreclosure. The owner is willing to give me the property sub2. They owe about $48k with about $2400 due in past due payments. Their payments are about $600/month. The house needs about $6k in cosmetic repairs (new carpet, linoleum, painting, etc.) I plan on selling the property retail once all of the repairs are done. I should be able to get $85k-$90k. The property is surrounded by nice houses and sticks out because it needs attention. There are no other properties on the street listed for sale. This is my first rehab project. Is there anything else that I need to look for?

One other item I had a questions about was the lady and her ex-husband are on the deed. She told me that when her divorce was finalized, there was some paperwork that took her ex-husband off of the property. What do I need to look for to verify this?

The mortgage is through a local mortgage company, not a Bank of America or a Washington Mutual. Is there anything that I should do to reduce the chances of the due on sale clause being triggered?

Thanks in advance for the help!

Brandon

Have title search done to clear up and questions re marriage. Always get both to sign deed if there are any questions. Ask title officer about divorce questions up front to avoid problems later.

This web site is fullllll of ideas on setting up trusts etc to avoid the due on sale clause. Probably good idea to use some method. Other opinions are who cares and do not use anything the banks will not care as long as they get money.

Hope i helped a little

Thank you,

Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737

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