OfflineOwner wants to move in with boyfriend. They just had a baby girl. She was renting her home out 3/2 1500 sq. ft. for 1200 a month, which turns out to be her mortgage payment. She is asking 150K in D/FW Tx.( home is near the new Cowboy Stadium) Total view est. 115K and home was built in 2006. The Tax Ass. 120K in 2006. Renters are still living in the home and are moving out at the end of the month (Oct.). Owner told me to make an offer. I did not find out what she owed on her home and I figure I can get 1200 a mnth for rent. What's my next move. Knight G-1 to F-3
Help.
"Understand the Plan, Understand the Power, and Understand the Prize" (Pastor J. Grice)
“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
Matthew 5:16
16 In the same way, let your light shine before others, that they may see your good deeds and glorify your Father in heaven.
Make it Happen!
She doesn't look very motivated if she's asking 150k & it's worth 115k?
You have to find out what she owes & hopefully it's under 115k because you need to pick this up under 115k.
If you find out she doesn't owe that much, Ask her if she needs all cash or will she accept terms. Then come back to this forum for more answers.
Good Luck, hope that helps.
Jason S.
San Diego, CA.
**All CASH House Buyer!**
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I will definitely ask her these questions and come back to the forum.
Thanks Jason
"Understand the Plan, Understand the Power, and Understand the Prize" (Pastor J. Grice)
“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
Matthew 5:16
16 In the same way, let your light shine before others, that they may see your good deeds and glorify your Father in heaven.
Make it Happen!
It's awesome that someone needs helps and asks for it and someone else gives them that help! Very cool!
I'm new to all of this and can't wait to get going. I'm feeling you'll all be around when I have a deal I need help with. Really AWESOME!!
Hey,
Guess what? That makes two of us, as far as I'm concerned. I can't wait to start throwing in numerous questions.
Deimen
Deimen Lihpai
Hey Grady here in NW ARkansas. After doing this for a couple of years with some good success, I've come to the place where when I sit down with someone who owes as much as or more than their house is worth in today's market, I just cordially delcine and move on; I've not yet entered the short sale arena; for me, it seems like a LOT of work convincing a mortgage holder to sell me, an investor, the mortgage he has on the FSBO owner trying to sell it to me. Example, I inteviewd a woman and looked at her house; she wantes $100K, owes 98K and the house needs work; I simply cannot make the numbers work for me to make it cash flow(payments $602 monthly which is about all I could get for rent. Therefore, even a sandwich lease, which would mean her taking less each month than her payment, going negative, wouldn't make it a good deal for me as a buy and hold.
For now, for me, I'm focusing on owners with free and clear properties, or who truly are discounting their property and have some equity.
hope for you the very best. keep on.
out lookin' crosstown for another good deal.
Grady Corbin
crosstown looker