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Updated over 10 years ago,
Southern California Deal...what do you think?
A deal was recently presented to me from a family friend looking to sell their home to move. The home is located in the San Fernando Valley with comps in the neighborhood ranging from 475k-490k. It has 3 beds 2 baths 1350 sq ft with an in ground pool. the home needs 30k-35k in repairs.
the owner has a 306k mortgage which she hasnt made payments on in 7 months totaling 17k. the owner also owes 7 grand to a contractor for previous work done but not completed.
she is willing to sign the deed over to me if i would agree to catch her up on her mortgage and give her something to walk away with (40k).
I would take over this property with the intent to live in the home and rent the other two rooms out.
Please tell me your thoughts on this deal. I am a new investor and would love to hear your feedback and weather this is a good deal or i should keep moving.
Thanks Everyone