FMV is 160k, loan amount is 149k, owner behind 2k in taxes,all the owner wants is for the back taxes to be paid and he’s willing to sell for the loan amount. If this is a good deal will it be easy for me to get homeowner’s insurance being it’s a sub2 deal?
Thanks in advance
Some would say yes.
The majority would say no.
Equity-wise?
No.
But, perhaps, you could “create it”.
Cash flow?
We don’t know, given the info.
What’s the payments?
Would you be able to resell with owner financing or LOing it out?
Horrible deal. No equity, high payments, and you would have to get a super high rental income to cashflow. Pass.
flinvestor37,
Glad to meet you.
Money can be made on deals like these. However, I would need to know where the property is located, what the interest rate and payments are?
John $Cash$ Locke
Good afternoon, not enough info on the market area to try to force the value, but you can get insurance two ways. One: buy policy when you take title. Two: go on their insurance as additional insured.
Hope this helps,