Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Innovative Strategies
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 4 months ago,

User Stats

47
Posts
23
Votes
Su Pak
Pro Member
  • Investor
  • Los Angeles, CA
23
Votes |
47
Posts

Need Advice on this Akron SubTo Deal

Su Pak
Pro Member
  • Investor
  • Los Angeles, CA
Posted

Hi, reaching out to the BP community about this one. What do you think about this deal? I'd appreciate any suggestions. 

3/1.5/1,056 sq ft SFH in Akron, OH
Estimated ARV: $130k - $145k

Rehab estimate: $30-40K


-  Entry Fee (assignment included): $22,000 + CC + TC ($12k of the entry fee goes to seller)
SUB2 Mortgage takeover details. Deed is transferred to the buyer's name.  Mortgage stays in seller's name but is paid by the buyer through a promissory note (aka contract)

Mortgage Balance: $102,000
Interest Rate: 4%
PITI: $531/month

SELLER FINANCE PORTION:
Seller Finance: $300/month to seller for 53 months (4.4 years) = $16,000
Total House Payment: $831/month (PITI + Seller Finance)

NOTE about CLOSING and seller: Seller would like to remain in the house until November 12th, 2024. He is waiting to be transferred into a nursing home. Buyer could either, purchase the house now, while seller continues to make all mortgage payments until he is out, as well as NO Seller finance payments to be made until seller is out. Seller would also only receive half of down payment at COE and other half after he leaves on Nov 12th. OR, buyer waits until Nov 12th to do the deal...

Any other ideas?

  • Su Pak
  • Loading replies...