New Sub2 Deal Need Help

General Real Estate Investing
1

Good Afternoon,

I have a client that called and is interested in pre-foreclosure and is interested in selling. Here are the details:

Loan Bal: $161,000
Arrears: $10,000
Pmt Amt: $1368.44
Int. Rate: 6.5%
HOA Fees: $600.00/yr

Owner just wants to walk away from property and has been in communication for the past couple of days which tells me there’s some motivation there.

Is this a deal?

If it is, how would you structure it?

Meeting Homeowner tomorrow morning. Any advice would be appreciated.

Thanks

2

What’s the retail value?

3

Retail value is $163k

4

It’s upside down as it is, without burying another $10k in cash it.

Walk.

Just because you can take over the loan subject to, doesn’t mean you should.

5

Thanks for the information.

I was thinking the same thing too. I’ll just keep plugging away and will let you know when I come up with the next one.