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DeeLight

Can anything be done with this?

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Hey gang,

 

i sent this to Michael but then thot it might make a good lesson discussion here in the forum.

 

I am still not sure what can and can't be done with crei. There are many strategies that I haven't studied yet. I know I've read about investors that go on deed and take partnership in a prop like this scenario---I don't know how to do it tho. So here's what I found on CL:

 

There is one comp---sold at $212 a couple months ago. It looks like an investor comp tho cuz it was sold by a home auction & realty co.

 

 

$249k

2 + 1 1/2 nice condo 999 square feet, 1 year old carpet and tile, double pane windows, fireplace, grassy areas outside, not close to a bunch of others ....this complex only has 5 condos in it and the owners are the association. The association fee is less than $250 a month ....

 

Need help, need someone to purchase for $249,000 right away so I don't go into foreclosure...been on unemployment over a year and finally got to where I can't make the payment....Owned the condo for over 10 years and hate to let it go. Need to come up with around $35,000 at least to put it back online and rent out or perhaps bring a partner in to help get it back online.

 

Things are going back up and at one time this condo was up to $550,000, should have sold it then! Oh well, maybe there is someone out there wanting a small beach get-away vacation home! Really cute place - has a single car detached garage also.

Thanks for inquiring and will send pictures to those really interested.

 

I emailed him but considering his sitch I don't think a l/o will work.

 

Any thoughts? Thanks!

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Dee, I replied to your PM, but I'll do so again here. Good that you posted this.

 

 

Some key information is needed:

 

1) what's today's FMV? Not his asking price but the realistic value in today's market?

2) How many month's behind is he on his mortgage? What's the loan payoff?

3) What is his monthly payment, including PITI and HOA? What's the market rent?

4) Regarding the $35K down, he'll never get it if he's thinking lease option.

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Yes, I got your pm Michael, thank you so much. I am waiting for a call back from the seller. We'll see. I'm thinking he's not quite in realityland yet. I'll let everyone know when something happens.

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