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Updated over 7 years ago,
"Subject to" w/ 2 yr seller note.Seeking attorney/investor help
Hello,
I am currently working on a deal where the seller has agreed to sign over their property subject to the existing mortgage. The seller has a property where the tenant just moved and no longer wants the property. He is willing to allow my company to take over the title subject to his existing mortgage that is $418/mo current balance of 24k and matures in 2yrs at which time the mortgage would need to be paid off and the seller would like to collect 10k profit from the deal. House is worth ~45-50k. I prefer not to pay cash now and would rather take over w. existing financing in place and refi out in 1-2yrs. The house needs minimal work ~1500 cleanup and 1 window replacement. Current market rents are 750-800/mo. I am looking for someone who can recommend an attorney or help from an experienced investor in GA that is familiar with structuring such a type of deal.