Firts Sub2 Opportunity-Please Help
The Skinny:
VA Loan
1st $68,000
2nd $10,000
VA appraisal $93,000
Needs $4000 in repairs
Seller is willing to finance.
He's asking $85,000 If he does repairs
Asking $78,000 if I do repairs
The seller is currently the landlord and
wants out quick.
It is currently being rented for $650 and is an older house 1949
I am new and nervous about doing my fist deal. I think this is doable, but I need someone to help me out and give me some advise on VA loans and what my next step should be if any.
Thanks for you input,
rfulky2 :-?
What are you planning on doing with it? Flipping it or holding it as a rental?
How much will it cash flow if you do hold it as a rental?
I'd get an option or a transferable contract and do the deal that way if you're going to flip it. Slim margins for a traditional purchase.
I am going to flip it! Does a VA loan present more of a problem with getting the deed than a conventional loan does?
Thanks for you reply!
I can rent for $750 after repairs. So about $200 cash flow.