Question: I have a seller willing to "Let me take over his payments"

[Scott Anthony]

So he is willing to let me take over his payments, which are $380/mo. I haven't asked him how he wanted to do that, But I am guessing that approaching it as buying "Subject-To" his existing mortgage would be the best way to go?

He hasn't asked for a down payment, or option fee, or anything, just take over payments. His house is in OK condition, and the tenants are moving out soon, and I should be able to rent it for 500-600 mo. He ows $23k on the remainder of the loan.....

Any ideas or suggestions?

[Account Closed]

One more thing: you need to find out the terms of the loan. It could be the loan from hell. $380/month might be a horrible deal. By my calculations, a $600 rent with $380 debt service would give you no or negative cash flow.

Another option is to get the deed, take over payments for 90-180 days while you rehab and resell it. Combining seller financing with your own cash/credit for a rehab (nothing major) can be a great return on your investment.