I’m a new investor in NY and need some advice on a rehab.
Got a call from a guy with a condo that is very,very motivated. Condo had a problem with sewage backup in July 2003. Engineer says a backflow preventer need to be installed. Hasn’t been done yet. Town and Condo association are fighting who’s fault it is. Owner is in middle of lawsuit.
Meanwhile his condo is gutted.
He owes 155,000on primary mortgage and 40,000 on equity loan. These condos sell for 250-260,000.
Is this worth looking into.
I probably could talk the owner into anything but its the problem with the condo I’m worried about.
hi
just a thougt
condos tend to have a community sewer. ie:homeowners fees take care
of the problem. i dont know looks like the sellers stuck.
make a deal YOU pay the morgage when the "sewer/big"problems
solved you by it. good luck
moke
I live in a condo also(not the same) and I think the owner is stuck too. I myself couldn’t afford to pay a mortgage until the problem was fixed. But if it looks like the problem could be fixed soon I could assign the contract subject to his mortgage or offer to cash the owner out for just the mortgage and assign that contract. I guess first find out how much to rehab the condo and see if money can made.