How to structure a subject to deal
Hey BP!
I need some guidance and advice!
There is someone who is selling a 2 family house which generates about $3k in monthly cash flow.
The owner is motivated to sell but still owes $260k on the property. Apparently the property is worth a little more than $260k (Zillow estimates $299k) before she makes up her mind about how much she wants to sell it for she wants to appraise the property.
I was thinking of offering her to do a line of credit for the equity and have her refinance and then do a subject to, she’ll have some money and I’ll take over the payments but she isn’t sure about wanting to keep the mortgage.
I’m sure I can convince her but idk how to put it in a way in which she’ll see that it’ll benefit her and me.
Has anyone had a similar scenario to this ? If so what was the outcome ?
Thanks !