New potential Sub2...maybe...

General Real Estate Investing
1

I had a call from a buyer who wants to get rid of her house, she’s had it as a rental for 5 yrs and now wants out so she can buy a home of her own in a different state. Here are the specs:

Worth 180k
Owes 192k
Would like to get some money in the process
55+ neighborhood

Would this be worth the work and how WOULD it work? I’ve never done a Sub2 or lease option so not sure if there’s anything to do here?

You’re input would be greatly appreciated…

G

2

Unless you’ve done a couple of these deals, you should not attempt this one.

Theoretically you could find someone to take over the payments, and give you a down payment for the privilege of owning this house.

However, it depends on how attractive the house is, and how high the payments are.

The only person willing to give this seller any money is gonna be an end/user buyer. With that, there’s no meat left, after you give the seller money, and then get more from a buyer. It’s like operating a non-profit mortgage assignment business.

Forget it. Unless you can get the seller to pay you something like $12K to take it off her hands sub2. Then you could collect $20K as a down payment from an end/user buyer, for a total profit of $32K.

I would do that deal. Otherwise, ick.

Or you could put the seller in touch with a short sale specialist and collect a small referral fee.

3

Ok thanks…