Here’s the deal. My realtor just brought up a potential deal from a motivated seller. Seller is relocating and wants out. He’s already reduced to 89,000 from 110,000. It is a condo and in that complex they’ve been selling for 107,000. He owes 83,000 on it. I was thinking about offering 83,000 and obtaining with my an interest only loan and then trying to lease/purchase it with a 2-3 year agreement. Condo is in great shape and needs no repairs. Condo rentals in the area are going for about 850 and I wanted to get a interest only loan to create a better cash flow. A 30 year fixed would still be a positive cash flow but only about 75 bucks once the tax,insurance and condo fee are added in. I was thinking I could lease/purchase it for 110,000. Rental market is pretty good in the area. What else should I be thinking about. Good deal or not so good. This would be my first deal. Any insight would be nice. Thanks
where is your market area? Our condo’s in demand?
I’m in North Atlanta.