what do you guys think?

I am putting an offer on two properties next door to each other two seperate addreses one owner…one of the homes is a 2 bdrm 1bth and the other is a 1 bdrm 1 bth. Each one should appraise between 280-320k for a total value of about 600K…i am buying both for 392K.
The problem is, the 1brm has an elderly lady who is a section 8 and pays about $500.00 per month in rent she has cancer and is on oxgen…(smokes while she has her tubes in…nice.) ??? I am trying to structure so that her place will have the mortgage about the same as her payment.

Also the owners in the 1970s did a room addition over the property line, So i am thinking about doing a lot line adjustment.
This is the first investment i have made and it is a little obscure…to say the least.
so any thoughts would be helpfull!!!

I think that at an average of $196K, you’ll be VERY hardpressed to get payments (with taxes, insurance, maintenance, m1nagement, vacancy, etc.) to equal $500…even a zero interest loan for that amount exceeds that amount - not including the rest of the costs.

Unless you get a neg amort loan or put a lot of money down, this just ain’t gonna happen.


My questions is this: Why is section 8 paying only $500 when the property is worth around $300k?? They should be able to adjust the amount she is getting by proper comps and justification.

You will do good if you do good with lady in cancer. I am glad that you are not kicking her out.