Viable Or Not .......
Came accross a possible sub2 and this would be my first so need a little input as to if this is a good deal.
House was appraised for 106,000 in Feb04
Furnace, water heater, insulation done 2001
newer windows & steel siding
will need new roof in a year or 2
inside newly painted
wood floor could use refinishing
monthly payment 916
Current owner is 7000 in arrears on payments an had filed bankruptcy in july of 04 which is now discharged.
Thinking of just paying off the 7000 in back payments and taking the property sub2 as owner just wants out asap. Her mortgage balance is 91000
Does this sound like a good sub2 ?
Anything I should be aware of ?
There are no back taxes due and no other leins against the property per the register of deeds/clerks office.
It looks like you can do a subject to on this, but I would question where you are coming up with the $7K. Just to make sure you have thought that through.
To pay that off and get some money in your pocket you are looking at getting someone in there with 10% down basically. Not impossible, just adds to the challange.
Just something to think about if this is your first.
What is your exit strategy on this property? Do you intend to turn around and sell it quickly? If you do, my question would be where is the profit for you?
Do you intend to do a Sub2 and live in this home as your primary residence?
Do you intend to Sub2 and then find a tenant buyer and do a lease option?
Dave
[addsig]