OfflineHi everyone, it's been a while. just trying to balance my day job and REI. I caught a cold so have spent the last day and a half getting caught up.
Here is the deal: i found a motivated seller in Stormville, NY about an hour and a half north of NYC. the property is a 2,000 sq ft, two family home on 3.87 flat acres. top floor is a 3b/2ba, bottom floor is 2br/1ba. There is a seperate detached 1bd cottage. the owner owes 365,000 and it appraised for 512,000 two years ago (i doubt it is worth that now). This is going to be a short sale with the bank. the owner said that the bank would accept 250-275k and get rid of it. there are no other multifamily homes within 15 miles of this property so there are no accurate comps. the owner's parents live in the house now but are moving out at the end of the year.
This is all the info i have at the moment, but can anyone give me some feedback. This sounds like a good deal if I can get it under contract for 250 or less, rent it out and possibly sell it or sit on it.
Thanks
Nick Walters
Walters Property Investment Group, LLC
This is Jan from upstate NY. Couple of questions for you. Do you have the owners permision to release info. Do you have your buyers list ready to work, and most of all do you have your financing in order???. Have you tried talking to the bank about financing it for you?? I know they sound like stupid questions, but you should be ready to leap on this if the bank takes a shorty....Jan
Thanks for the information. I do have to ask what you mean by "do you have the owner's permission to release info?" Can you please clarify? I have never been asked that question before.
I do have financing in place. I have minimal buyers but have put feelers out there. I don't have any money to put down on this property. I would like to get this under contract and assign it, but i don't think banks will let you assign short sales, right?
I need to get in touch with the bank and make an offer on this.
Thanks
Nick
Nick Walters
Walters Property Investment Group, LLC