New SUB 2 Deal

General Real Estate Investing
1

Got one here are the details:

Seller Owes $165,000
payment $1,100 month PITI w/ HOA
solar $60 month
Water Softner $125 month.

Im going to just take over note and debts.
Sell it to Tenant Buyer :

$200,000
$10,000 down
$1,300 month
2 to 3 years. refi

What do yall think? :biggrin

2

Hi,

What is the current fair market value of this property?

Is the solar and water softener payment assumable?

You are going to take over the existing debt subject 2 or wrap it? Have you checked on what’s common in your state?

You are going to disclose to the current owner your intent and solicit his or her approval to do so?

How fast can you find a buyer for this creative opportunity? Are you prepared to make 2, 3, 4 or more payments while your finding a buyer?

What is average days on market for this properties area?

Your going to disclose to your buyer the fact the property and loan exists in another previous owners name?

                   GR
3

“Sell it to a tenant/buyer” ???

You’re either ‘selling’ to a buyer, or renting it to a tenant. Which is it?

4

To Gold River:

  1. $195,000.
  2. yes Im taking over payments just like a sub 2 deal.
  3. It will be a sub 2 this is my 4th one in two years.
  4. No
  5. I hope within a month, May have a Buyer already. Yes Im ready to hold it for a year if needed.
  6. 45 days
  7. No
    __

To Javipa:
Its a Buyer they are sometimes called Tenant/Buyer due to them not taking title until they can pay off loan.