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Updated about 12 years ago on . Most recent reply

User Stats

15
Posts
0
Votes
Jeff C.
  • Flipper/Rehabber
  • Chicago, IL
0
Votes |
15
Posts

Profitable Subject To Deal?

Jeff C.
  • Flipper/Rehabber
  • Chicago, IL
Posted

Seller contacted me via my DM campaign. She wants to sell so she can purchase another property but says she's having a problem with getting a bank loan because she still owns the subject property.

Subject property:

Sect. 8 rented 2 bedroom townhouse $950/mo rent

Mortgage owed: $42,000 with a 10% interest rate

Mortgage payments: $597/mo

Seller to me:

No money down

Take over payments

How would you approach this deal? I wanted to buy subject-to. Is there a way I appear as owner doing it this way?

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