Hey DG Team -
Have another possibility of a deal. (other one's I posted are still in the works, trying to find investors for assignment or partnering on those).
This new FSBO just went on market Sunday 07/27/08.
1750+ sq ft.
Owner still paying on 1st $106,000 mortgage from 1999. (He has good equity in property)
Asking $122,000 and he'll pay Title Policy.
or - $120,000 and he pays nothing.
Comps in neighborhood are $135,000-ish
Tenant will move out by 8/31/08.
Owner wants to get rid of property cause he lives over 50 miles away and doesn't want headache.
Very forthcoming with information and states "I want to work with you if you want the property".
Would like to get cash back from equity if I could get him to Owner Finance.
How can I make this work and take the property off his hands so he doesn't have the hassle, but he keeps Tax benefits etc...and still gets his money.
Think it could rent good for $1,150 - $1,250ish based on rents in area.
"..work as though you are working for the LORD!"