I've got a possible deal on a 3/2/2. Here is are two e-mails of a financing situation the seller has proposed.
How you doing? Hope all is well with you. I have a solid deal for you. It's a 3bed 2bath 2car 1506 sq ft. Just rented for $1150/month. Address is 424 SW 50. It's been remodeled totally throughout. Everything new. Market Value is 115k. Only asking 83k. Title work done. Just waiting on you. Let me know when you want to see it and I'll schedule with tenants.
I was following up with you about the deal I sent you. I'll also accept a sub2 where I assign the deed to you and you take over the payments for 25k cash only. The loan balance is only 60k and payments are 869/month and you will be collecting 1150/month in rent. You will also have about 30k in equity. Solid deal. Let me know what you want to do. Thank you.
Now since I am new I got a bit confused. If I am reading it correctly, I can basically buy the house for 60k because that is the amount left on the loan, correct? Since I do not have the money to buy the house, I was considering using hard money to pay the 25,000 cash. Then sell the home as quickly as possible at a higher price, or sell the deed over for 27,000 cash.
I'm not quite sure if this could work.
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