Found a Landlord that is out of town and is having trouble managing and collecting rents. The house was appraised at $150k by the lendor for a Refi. He doesn’t want to Refi, and wants to get rid of it quick before he’s forced to Refi and hold for 3 more years.
Seller will take $125 (maybe less), and no repairs are needed.
- Why would be be forced to Refi?
- What would be the wise move here (if any)? Homes are comping higher than this appraised value, so i’m guessing it could use some updating.
I could get the contract and try to flip to another investor if the ARV Comps work out. Any other creative ideas?
He could be behind on some payments and need to take a bunch of his equity out. He’d probably rather just sell if he’s not doing well managing it.
Ask him to see his schedule E. See what the financials look like, and see what the comps look like, then make a decision.
Bill
The home was already recently updated in an iffy part of town, but home values are on the up swing here. Seller needs to close by the end of August so may try to assign it.
update: just recieved copy of recent appraisal, which was for $140. Dead deal in my opinion unless seller wants to renegotiate for lower price.
Hey its Aaron! call or email me the details. Maybe something can be done.