What would you do?

[Calvin Newman]

Hi all,

I'm new here and just looking for some ears to bend!

Just wondering what you Pro's would do in my situation.I found a seller that is willing to sale to me for the remainder of her mortgage at 37k ( she just wants out). Here are the numbers....

2/2 SFH appraises for 55-60k

Current tenants pay 500/ month and have been there for more than a year

Here is what I think I want to do...

1) assume the remainder of the current loan ( I have a relationship with the lending institute and know I can get it with little to no money down)

2) lease option the property to the current tenants For 24 months with 7% up front or spread out over the 24 months as a (for lack of terms) commitment to buy?? 

What would you do? Thanks in a advance for any guidance and/or suggestions

[Rob Beland]

Why not keep it as an investment? It should cashflow and you're in with $0 down.