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Updated over 6 years ago on . Most recent reply

User Stats

40
Posts
6
Votes
Mike P.
  • Pittsburgh, PA
6
Votes |
40
Posts

Would you do this Sub2 deal?

Mike P.
  • Pittsburgh, PA
Posted

This is a 3 bedroom 2 bath house 15 minutes from my house and in a C+ neighborhood. It's currently rented for $925 and I'd keep them in place. The financing is $59,000 for 20 years, the escrowed payments are $660, that includes PITI. The house was built in 1967, so it's an infant here in Pittsburgh and it looks it.

It's being wholesaled and that's who I worked this deal out with, the wholesaler, her good friend is the owner. She wants $7,000 in walking money for herself and the owner to split. 

What do you all think? I think it's a great deal. I'd have the $7,000 paid back to myself in 4-5 years and then it's basically a free house. IDK, thinking I could refi too, in 3-5 years. 

$7,000 down

Take over the $59,000 loan with an escrowed payment of $660 per month.

Rent is $925

Most Popular Reply

User Stats

267
Posts
136
Votes
Eddie Werner
  • Property Manager
  • Pittsburgh, PA
136
Votes |
267
Posts
Eddie Werner
  • Property Manager
  • Pittsburgh, PA
Replied

Need a little more information but it seems on the expensive side.

Yearly taxes

Condition of house (age of roof, windows, HVAC), hopefully these are all newer since house was built in 1967.

3 or 2 bedroom, integral garage or street parking, etc?

If you want to private message me the address I can let you know more speficifially what I think.

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