Need Help!
I am new to "Subject To" financing and I just ordered John Lockes course this morning. Not being able to reveiw the manual yet I need some immediate assistance on a deal that just fell in my lap.
I have an owner that currently lives out of state and has a townhouse that he is looking to unload. All payments are current and the property is in good condition, but he is trying to buy a new house and is trying to unload this of his credit.
This property has a loan of 72,500 with a 7.25% interet rate. The CMA is at 82-84K. The HOA fees are currenlty at $315. Rent is projected to be at $1,000.
Can you let me know if this is something worth looking into and if so how I can arrange this situation to my advantage.
p.s. - When he mentioned that he had 72,000 on the loan he also mentioned that he might consider selling the property for a little less.
answered in another thread........km