- Joined
- Jan 30, 2008
- Messages
- 137
Good afternoon,
I wouldn`t mind some experienced peoples advice on the following deal.
Appraised Price = $310K
Selling Price = $300K
The vendor wants $30K on top of their existing mortgage which they are willing to carry for 2 years and 2 months. They have allowed me 2 months to find a lease option tenant. I will be giving them $500 to hold the property for 2 months and then $20K upfront and $10K on the back end when I cash them out.
The mortgage payment and taxes are roughly $1800/month and I`m sure I could get $2000/month from a tenant buyer.
The house is 3 years old, in a good area of town and needs nothing for repairs (has high end appliances too). All the landscaping is also done.
There`s not a lot of equity in the deal ($10K + 2 years of property appreciation), but it should be some good cash flow for the next two years.
I don`t think Ron LeGrand would like the deal, but what are your thoughts?
Thanks
Dean
I wouldn`t mind some experienced peoples advice on the following deal.
Appraised Price = $310K
Selling Price = $300K
The vendor wants $30K on top of their existing mortgage which they are willing to carry for 2 years and 2 months. They have allowed me 2 months to find a lease option tenant. I will be giving them $500 to hold the property for 2 months and then $20K upfront and $10K on the back end when I cash them out.
The mortgage payment and taxes are roughly $1800/month and I`m sure I could get $2000/month from a tenant buyer.
The house is 3 years old, in a good area of town and needs nothing for repairs (has high end appliances too). All the landscaping is also done.
There`s not a lot of equity in the deal ($10K + 2 years of property appreciation), but it should be some good cash flow for the next two years.
I don`t think Ron LeGrand would like the deal, but what are your thoughts?
Thanks
Dean