Owner in Foreclosure

[Gerald Harris]

Owner in Foreclosure - Value 250k -4br/2ba - amount owed 235k - default amount 7k - monthly mortgage payments $1475 - owner wants to walk - condition: great. rent ready - monthly rents for similar properties $1650 Can I do a Subject 2/lease option? do I put property in LLC?

[Account Closed]

Originally posted by @Gerald Harris:

Owner in Foreclosure

- Value 250k -4br/2ba - amount owed 235k - default amount 7k - monthly mortgage payments $1475 - owner wants to walk - condition: great. rent ready

- monthly rents for similar properties $1650

Can I do a Subject 2/lease option?

do I put property in LLC?

First, figure out your goal for the property. What is your exit strategy? For that little equity taking it Subject To is very risky. You would have to bring the loan current, pay the closing costs and make sure there aren't other liens on the property. Value is not really known until you try to sell. If the house is in good shape, there is little you can do to add value. The amount to bring current is an estimate until you get in writing how much is needed from the bank including legal costs and unpaid taxes. Once you have all of the figures, you can decide if it is worth the effort.

Yes, you could take it Subject To if done properly.