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Updated over 10 years ago,

User Stats

79
Posts
5
Votes
Jonathan Emery
  • Rental Property Investor
  • Allentown, PA
5
Votes |
79
Posts

Possible Deal?

Jonathan Emery
  • Rental Property Investor
  • Allentown, PA
Posted

Hi,

I'm running some numbers.

Property is free and clear but owner wants to sell to pay off HELOCs that they used to buy the property. They are looking to sell for $130,000. Realtor says to list at $150,000. Think this is high and will sit especially if they hope to have it sold by October because they are moving. Want to pay off the HELOC to buy new home in new location. Not sure what they who on their mortgage on their personal residence. I'm think they could get $100,000 for it and just owe more on their HELOCs then what the property could sell for.

HELOCs - roughly $8400/year

Rent - $20220 / year

Expenses (taxes, ins, mnmt, etc.) - $10,001year

NOI - $10,219/yr

If they weren't dependent on selling this property to clear the HELOCs completely I think something can be done where at least we could do seller financing because they own it free and clear.

Is there anything I may be missing that could make this work? I'm not finding it yet.

Thank you

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