Potential subject to Help me out guys
Ok I just got off the phone with a Man I am meating on Tuesday.
From what I gather on the phone this may be a great Subject to deal or Lease Option investment.
Heres the deal, Job Transfer; He needs to sell now and bad, its a 2/1 Home in a clean area.
The home has been completely remodeled in that it has new paint, and carpet throughout...it also has a new kitchen in it, cabs, and counter tops.
Ok He owes 42k on the loan, the payments are 375.00 the interest is not good it is 13%.
Ok, in talking with Him on the phone He will with nothing down let me come in and take over payments to free Him up to buy a Home in a Town not to far from me.
In fact I am looking at homes in this twon and in mentioning it said I might be able to fix him up there too.
At any rate; The homes in this area should sell and or rent fairly easy.
Its got great potential but you pros shoot me some ideas.
Maybe I should Lease it for lets say 5 years, then get me a Tenant buyer......on a L/O for 2 years, take 2 to 5K Option consideration.....
What do you all think? Oh BTW I am cashing out a home with His Father.... His Father offered me a Home on a Lake market value of 115k for 60k cash.
I will be letting my son inlaw make the payments on it while I put it on the market for 115k....
Anyway, give me some input.....
Mark
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