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Help w/ potential property (Possible short sale, Subject to, etc)
Hey all,
I recently came across a property where the owner owes 130k on the property and it is valued at 70k. She just wants to get rid of it she doesn't want to make any money on it. There is 19 years left on the mortgage. The property doesn't need any work and is rent ready. The 2 different options I thought of was to either do a short sale, or subject to. I could short sell it and maybe get it for $60/70k but thats what it worth so doesn't make much sense. The other option is to do subject to and just rent it out to get my returns. The comps rent for around 1k/month. All included the mortgage is about 1k/month too. Is my only decent option to subject to it?? Or is there something else that I could do? All help is welcomed!
Thank you!