creative investing on multi-family?

Question

this guy has a triplex. around 230k on mortgage. comps run at 200k. has been wanting to sell the triplex ever since he bought it.

any creative solutions to get this property? sub2? master lease option?

Steve Vaughan · Answer

I've been blinded by terms before, too Gary W. point out, YOU ARE OVERPAYING and very well may lose it later after your time money and effort have been put into it. Unless he comes to the table with cash for you to take it over, he needs to short-sale it.  If he's hated it this long, you probably will, too.  Bad tenants are a nightmare!

Brian Gibbons · Answer

Should I look at Sub2, Wrap, or Lease Option Assignment?

https://reiskills.wistia.com/medias/nwyvd7rjk9

More here at

http://www.biggerpockets.com/blogs/3-reiskills-and...

Ned Carey · Answer

Why are you even considering this if it is upside down?  Creative investing on a bad deal is still a bad deal.

A short sale is perhaps the only way this makes sense. But that would preclude most creative financing other than a private lender.

Back to my original question, why are you pursuing this?

Steve Smith · Answer

Gary W.

My first question would be why does he want to sell it since he bought it?

Second question is what is the gross operating income?

And finally what is the net operating income?

Need the answers to these before all else

Account Closed · Answer

gotcha. i guess id have to get the numbers

Ned Carey · Answer

But if the property is upside down there is not likely to be any income.

Account Closed · Answer

@Ned Carey

i know very very little about doing sub2's, but i didnt know if this is where i might do one. i take control of the property while he still has mortgage in his name, and hopefully recieve monthly income on monthly rent.

@Brian Gibbons

Brian Gibbons · Answer

@Gary Wilson

He's underwater $30K!

What is market rent?

What are total outgoings, PITI + maintenace?

What is current condition?

Why would you want to buy it?

creative investing on multi-family?

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