Can Subject 2 Work On Rental Properties ?
I am looking at the possibility of doing my subject2 first deal. I ran an ad in the local shopper that says we buy houses for cash as suggested and got my first phone call from an anxious seller. Here is the info I have
He would like to close right after dec 1
this is a rental property that has a 2 year lease in progress.
the neighborhood is a poor neighboor hood
inside remodeling has been done with new carpet, flooring, furnace, updated electrical and water heater.
outside needs to be redone - roof, windows, siding
all of this work we could do ourselves and not have to contract out.
The assessed value is $52,000
rent received is $575 per month
property taxes are 750 per year
questions I have are as follows.....
Can subject 2 work on rental properties as I would like to resell it with the no qual?
Other than pulling comps & property tax info & any lien info is there anything else I should do on this ?
Would it be suggestable to use a land trust on this ?
Thanks
Michele
Can subject 2 work on rental properties, as I would like to resell it with the no qual?
Yes it can work on any property as long as the seller is willing to do the deal!
Other than pulling comps & property tax info & any lien info is there anything else I should do on this?
Yes, know what the repair cost are if any. Know the market rents in the area!
The following does not make it a good deal:
The assessed value is $52,000
rent received is $575 per month
property taxes are 750 per year
You still need to know what the occupancy rate is for the subject property.
You need to be sure you can move it and cover all cost for holding it during this time.
How long has it been on the market?
Why is he selling?
You said the neighborhood is a poor neighborhood. This can be a strong indicator of a longer market time.
[addsig]
yes it can and with any prop. that the owner is willing to sub2.........km