$600+ /Mo Cash Flow

[kgh1021]

3600 sqft, 5 bedroom + game/office, 2 full, 2 half bath, 3 car garage, on 1.76 acres - completely remodeled

House is worth 265k as is

A buyer is willing to pay 250k-265k for the house at a rate of 8-10% for owner financing. He has no credit...not bad credit. He owns a plumbing business and puts everything in the company's name.

Assuming you sold him the house for 260k at 9% his monthly note will be $2,092 (he will pay the taxes and insurance as well)

The house will sell for 235k

If you financed the 235k at 6.5% your note would only be $1,485

A monthly cash flow of about $610

So if you're interested in $610 a month positive cash flow + 25k in equity on the purchase + 15k given to you at closing from the buyer then please let me know. If you hold the property for 1 year the net cash would be $47,000, not including closing costs. (there are no realtor commissions on the sale) "

I was told this would appraise for $265k. The HCAD is $207k ?!

I'd like a $500 referal fee and would like to shop the note of $250k for you. There looks like there is a possible $25-30k in this. If you bought it and sold the note. Or you could hold and enjoy the positive cash flow.

[israel21]

Kevin,

What does the owner need now? Are they willing to do a long term lease? Sounds like you could have a good lease-option on your hand.

What position is the owner in? Distressed or just motivated?


- Israel

[kgh1021]

Owner wants her cash out of property so she can do other deals.

She put 60k into rehabbing house.

Lease option is a good idea.

If I can find a buyer for the 250 k note the buyer at 230k could make a quick 15-30k.

[israel21]

Try the Lease-Option Route. Terry Taylor put a home-made sign and had dozens of callers in the first week when he put up his "Rent-to-Own" Sign.

Let me know if I can help.

- Israel

[michellesnow2]

I am interested in this opportunity. Is there anyway that I can get more factual info on the property