Local Investor Needs help with a potential Subject to Deal

[Terry Woolard]

I had a lead contact me this morning and she is interested in selling her property but the problem is she has two liens and an outstanding loan balance of about 58,000 dollars. The property is currently vacant and not in rent ready condition let alone market condition, it's going to need about 10k in repairs. I really want to help the seller out, she is elderly and she doesn't have the money to pay off the liens or the money to do the repairs. So here is my break down..

The seller wants 5k to walk away

Lien 1 10k

Lien 2 2k

Repairs are about 10k

Loan Balance 58k

The property Rents for $1100

Mortgage Payments $442

Arv 95 - 100k

I was thinking that I could work out a subject to deal but the only way that I see this working out is if I can get the leans dropped or negotiated down and get the seller to walk away from it for nothing. Any thoughts from any investors in BP land?

[Jay Hinrichs]

generally a waste of time.. but you can always ask.. lots of work with probably more money owed than what you think. and poor lady is probably more stubborn than you think.. and she will probably call 10 I buy homes for cash people and work the best deal she can.

no equity sub too is a terrible play in my mind.. why do it..