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Updated about 5 years ago on . Most recent reply

Robert Polanco's profile image
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Robert Polanco
  • from New Hartford, NY
  • Member since Dec 13, 2015
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Robert Polanco's profile image
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Robert Polanco
  • from New Hartford, NY
  • Member since Dec 13, 2015
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Robert Polanco
  • New Hartford, NY
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Starting Out

Rent to Own contracts in Texas

Robert Polanco
  • New Hartford, NY
Posted

So I was around driving for dollars and I stumbled upon what I believe is a preforclosure. Home is valued @197k his mortgage amount is 130k the house doesn't appear to NEED any work. I'd like to go with a rent to own option to pay the mortgage current and take over from there but I don't know how to go about doing so and getting it under contract. Do I need a lawyer??? PLEASE HELP!!!

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Mitch Messer's profile image
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Mitch Messer
  • Rental Property Investor
  • from Playa del Carmen, México
  • Member since Jan 22, 2014
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Mitch Messer's profile image
Mitch Messer's profile image
Mitch Messer
  • Rental Property Investor
  • from Playa del Carmen, México
  • Member since Jan 22, 2014
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Mitch Messer
  • Rental Property Investor
  • Playa del Carmen, México
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Mitch Messer
  • Rental Property Investor
  • Playa del Carmen, México
Replied

@Robert Polanco What is your plan for this house? Are you intending to live in it, rent it out, sell it, or something else?

Also, why not just get the deed by purchasing it subject to the mortgage?

Lastly, what are the mortgage payments and what is market rent?

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