First Sub2 Need Help
Greetings All,
Here is my situation, I was birddogging a property in my area and ran across a motivated seller who is ready to get rid of the property. This is what i gathered from her and it sounds if like the price is negotiable:
Asking price=$57,000
Owes=$53,000
Mortgage Payment= about $600 at 7.14%
Now the house is currently being rented out at $675 mo. When I asked her would she assist in financing she responded "If it meant working with figures so that she wouldn't owe anything."
The investor that i was working with has not responded back to me yet and a friend of mine who is a real estate agent who pulled the comp for me said that this could be a very good deal. The neighborhood is nice and the schools are very good in this area. Is this a good deal or not? And because i'm new to this real estate venture should I find other investors or try to do this myself. I have no capital whatsoever which is the reason for me trying to birddog. I would hate to lose out on this deal because of delays. Any help is appreciated!!!
have you studied Sub-To and know how it works? If so.....
what the FMV? Is the interest rate adjustable or fixed? is the payment PITI? Taxes Paid?
From what you have given so far, it sounds like a $10.00 deal.