I am a new investor trying to get started in the RE Investment business. I have a deal in the works that I want to move on. The problem is that I have no idea on how to structure it to make it work for me and an investor. Here are the details:
- 2 BR 1 BA home
- 1170 sq. ft
- Owes approx. $67k
- Approx. value via comps $58-$65k
- Tax rolls $67k
- No major repairs needed (new paint inside; change door locks; new carpet)
- Owner looking for $3k cash and subject to financing
How can I arrange this deal to make it feasiable for an investor to pick it up from me via an assignment? I want to flip this deal to another investor but I am totally loss as to how I can structure it. Please help!!!
So they owe $67k and it’s only worth $61.5K (avg), plus the owner wants $3k? IOW, upside-down by almost $9k (~13%). Plus you want to assign it? Unless the area is appreciating by leaps-n-bounds, I don’t see a deal here, and you’d be hardpressed to find an investor to assign it to.
Yeah thats correct. Is there anything you could suggest to make this a deal? Any offfers I could make to the seller?
Why would you or any investor possibly want THIS house? Please explain.
Da Wiz
Yeah thats correct. Is there anything you could suggest to make this a deal? Any offfers I could make to the seller?
Unless the owner has $15k (bare minimum) in other assets he can give you, probably not.