I have a friend who is trying to sell her house and asked for my help, but of course I am still new and would love help from you guys
She purchased the 3/2, 1374 sq ft, 2 car garage home in 2009, and it had appraised for $139k, after buying she updated appliances, flooring throughout and painted throughout. A year later her job relocated her and she put it on the market with a relator but after no success she rented it. She was renting it for $1350/month her mortgage and insurance is about $1000/month. The renters tore it up and the current repairs are: new floors in bedrooms, new closet and interior doors in 2 of the rooms, replace light and vanity in master bdrom, replace/repair kitchen cabinets and new appliances!
Her bank payoff as of 8/31/2012 is $132,647. The comps are like $128k-$142k.
What I suggested to her was a lease option selling as is, where contractually she wouldn't be responsible for repairs. She also said she was concerned about the tax burden every year, I told her the monthly payments could include enough for the rent and taxes. She feels totally burnt from the renters she had and feels like a lease option would be the same case scenario. I don't really have any other options to offer at this point. Any suggestions would be great. I would love to make this my first deal (YAY!) but I dont see the possibilities....but if I could help her out and be rewarded that would be great too!
Thanks in advance for any help/suggestions
Working diligently to make that first deal!