Hi
I found one property today. Lady said her mother died and left the property.
She wants to get rid of it. It is in state of Ohio. I am not sure of the probate laws here. They had re-financed the property 2 weeks before mother’s death and spent the money in repairs and funeral. She wants to get out of property and her husband is on worker’s compensation. Property is 1 month behind payment. She says she wants to sell her house also.
Property 1 - In Probate
Appraised for 80K
Currrent Mortgage Loan is 55K
Market Rent 700$
Monthly Mortgage Payment 520$
House can be a good positive cash flow candidate.
Not sure how much of the equity will be left after probate proceedings.
How do I get the Property 1 under contract ???.
Property 2 - Personal Residence (Not in Probate)… But 2 Payments Behind
Appraised for 70K
Currrent Mortgage is 60K
Market Rent 600$
Mortgage Payment 550$
Problem is seller is willing to work with me on this. He has one condition that he wants to sell both houses at same time. He does not want sell both or none. Seller offered both properties to me for 60K each.
I am thinking of doing short sale on Property 2 so that I can reduce the cost further. Property 1 has equity of 25K that seller is willing to give off if I take over both the properties.
All Guru… Please Help… I need to finalise this with seller tonight. I will greatly appreciate your help.
Thanks!!
Please advice me how can I structure this deal ?
How can I gain the control of property with/without Probate ??
Please help asap…