is this a good deal

General Real Estate Investing
1

if this good deal or not if its a good deal what the best way to work this deal.

2bedroom
1bath.
1st mortgage owes 40k
2nd mortage owes 26k but seller said the the bank may accept less.
reason for selling: parents died can not afford it.
has tenats in it paying rent .
mortgage payment are 440.00
1st mortage is current
2nd mortage needs to be payed off it behind a few years in collections
owes no taxes
sellers states they will take a few thousand if it can paid off or anything but seller is motivated.seller just wants out.
comp for houses in the area
70k-80k.

2

dtrump,

I’d say that it’s certainly not a deal at $66K for a $70K house. If you could get it a LOT cheaper, it could be a deal. If you’re thinking about it as a rental, we need to know the gross rent to evaluate that.

Mike

3

gross rent $6600,00

4

could this be done as shortsale?

5
could this be done as shortsale?

Is the owner behind on payments?

Mike

6

only on the 2nd

7

bump