Request For Advice
I have been looking for a place to jump in the real estate investing and just need to find out if anyone can see a problem with this deal. My sister in law signed a purchase contract with with fsbo and got some government loan that took a couple of months to acquire, in that time she job moved about 40 miles away and she called me tonight and said the closing is tomorrow and she wants out. My wife is a realtor and has seen the sellers purchase contract and there is no easy way out of it. She bought the house for $62,000., the loan amount will be about 64,000. at 5.5 APR. The comps my wife pulled show the house worth 70,000., plus it is fully furnished. My sister in law said she would sell it to me on land contract for the loan amount at the same rate and just wants out. Can I just write up a land contract with her and file it then rent or sell or whatever I want with it myself? Sorry so long.
After payment, taxes and insurance I could get about $50.00 a month positive cash flow.
Fully furnished, already financed, and so affordable-- you can quickly resell if you need to liquidate. This sounds like a nobrainer. Get the deed and rent it out.
Thanks for the advice. I will do this deal. Turns out the payments allow me $80.00 PCF.
Well her payments turned out to be under $500. so she decided to keep it.
Well her payments turned out to be under $500. so she decided to keep it.