is this deal doable

[verbatim 1]

the particulars:

- 4 bed 2 bath with no equity.

- 87k loan on property.

- Repairs: bathroom needs to be re-done [tiles etc] kitchen is outdated, wax floors because carpet has been pulled up.

- her mortgage company is open to a short sale, they want her to list it and see what offers she gets on it.

- she doesnt want the liability of being a landlord but once i told her the tenant would be responsible for the repairs & treat it like their home she became very receptive to the idea of a c/a.

- she may not be able to make next months payment i was told when after asking her to cover next 90 days payments.

- 990 note

 

 

I'm thinking go the c/a route but would like to know if anyone else see's additional avenues that can be taken?

 

I also am guessing that if i went the c/a route i may not get a buyer before the end of the month putting the home behind on payments.

 

what would your exit strategy be?

[MichaelC 160]

In my market, I wouldn't go for this deal.

First, buyers aren't willing to pay anywhere near full price. And that's precisely what you'll need with this deal.

Second, she can't make next month's payment. What are the chances of finding a t/b in 30 days or less? What will the property rent for?

Third, for all the baggage this deal brings with it, how much option consideration can you expect for your troubles?

I don't mean to rain on your parade, but these are things to ponder before you expend your time and effort on a deal that may not payoff.

[Jonathan RexfordFL 8]

Well if you want to spend money on marketing to build a buyers list with the possible idea of selling, just take an option. Tell them you have know idea on who, where and when the buyer or tenant will come from. But just assume that you will give the buyer to them when you are done.

[<Steve> 82]

...'pertty' houses in good areas are best when working CAs and SLOs.