Do I Have A Deal

[Lear R.]

As with most deals the clock is ticking on this one. Bottom line up front I'm hoping to prevent a service member from going into foreclosure but the numbers don't look very good. The property is currently in active foreclosure, and the reinstatement balance before the bank can consider doing an assumption (both of us are service members) the reinstatement balance is 6K,  so here goes the numbers.

Balance on Property: 88K

Home Value: 98K

Possible Equity: 9K

Market Rent: 800-850

 Other Fees To bring Account Current: 3200

Potential Cash Flow: 104

I have the home under contract, is their any life in this deal that my eyes are not seeing?

[Frank B.]

Originally posted by @Lear R.:

As with most deals the clock is ticking on this one. Bottom line up front I'm hoping to prevent a service member from going into foreclosure but the numbers don't look very good. The property is currently in active foreclosure, and the reinstatement balance before the bank can consider doing an assumption (both of us are service members) the reinstatement balance is 6K,  so here goes the numbers.

Balance on Property: 88K

Home Value: 98K

Possible Equity: 9K

Market Rent: 800-850

 Other Fees To bring Account Current: 3200

Potential Cash Flow: 104

I have the home under contract, is their any life in this deal that my eyes are not seeing?

If I read this right it sounds like you are thinking about buying a property for 91,000 that rents for 800/mo

To me that does not sound like a good deal.