Quick question. I want to know if this maybe a good deal. I have found a home valued at $176K. The remaining balance is $165K. Owner asking for $700 down and take over payments. Basically I would be taking control of the home and have the ability to sell outright, refi it, or flip it to another investor. Good deal or not? Tell me you thoughts
The margin is a little tight for a house at 176k, but the cash outlay is good. If you can afford the payments for a few months with no rental income, it looks like a good deal. How did you get the value, how does it compare to the neighborhood and rest of the town, and how fast do houses in that price range sell ?
i can agree with ray here on this. thing is, you didnt include enough info for anybody to tell you if you have a good thing going. as it sounds, it might be a good house to move into. an investor will usually want more than 10k to play with. or this could be a good property to just out right sale. by the time its said and done ( only going off info that youve given) you might make 5k off it if you buy it, then turn and sale the property quickly. so much down and take over payments? theres still gonna be some “closing” fees that im sure you will be stuck with. my opinion, if its nice,you can afford it, move in it. as a money maker, pass.
Based on the info provided and the acquisition costs it is possibly a good deal. Rather than trying to unload it quickly why not consider upping the sales price a few grand and owner finance to an up and coming family recouping your costs as a down payment. Help someone needing a home!
Yes, sattling a 176K debt onto a “up and coming family” so you can make a buck is really helping them out.