I have a motivated seller selling a Washington DC row home. There is about 125-130K left on the mortgage. She is willing to let it go for 325K. The comps in the area are between 420-450K retail. The house is in good condition w/ no repairs needed. The property is a 3 level, 3br 1 bath w/ a full bath in the basement. I’m thinking of finding a tenant buyer or obtaining a hard money loan to pay off the existing mortgage and giving her the cash she will need to move and some cash she will need to close on her knew home. Seller may be willing to hold a carry back 2nd for the balance…I would appreciate any help/advise.
well she is selling it a good price if FMV is 420-450K. You will have about 30% equity…But some questions
Why she selling ??
How long on market??
How much a 2nd will she carry??
HML…why?? no rehab needed and high rates/points…
How do you plan on finding your T/B???
DO you want to assign the contract or close and flip???
Can you rent for cashflow?? lease option??
Well after several conversations and also seeing the property I have come to see that I may have to assign a contract to an investor or give this property a little tlc and rent it.
Why she selling ?? seller wants to let it go and move to GA to retire
How long on market?? property has not been listed on MLS- seller has only been dealing w/ investors
How much a 2nd will she carry?? can’t say, I have not pitched his option to her
HML…why?? no rehab needed and high rates/points… just a few cosmetic touches
How do you plan on finding your T/B??? haven’t really considered this, but I can advertise in 3 local papers and a local real estate investor club
DO you want to assign the contract or close and flip??? would rather assign the contrat at this point
Can you rent for cashflow?? lease option?? Either would be perfect for this prperty. it close to 5 local university’s. and maybe perfect for someone trying to move from a condo into a townhome ( row house in this case)
Would you be interested?
Just curious…what is a row home?
row homes are like townhomes. Just another term when you move to a different part of the country. Like in NYC they tend to call them Brookstones…
I think the got the term row homes from the fact that the whole block has a row of homes on it…
yrush2000 you are correct. Here in the Wash,DC metro area, Balitmore, and Philadelphia you will see and hear that term when you refer to townhouses that are attached and are all similar in appearance.