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Updated almost 6 years ago,

User Stats

92
Posts
15
Votes
Jonathan Newsome
  • Rental Property Investor
  • Dallas, TX
15
Votes |
92
Posts

Looking for suggestions/help with a seller

Jonathan Newsome
  • Rental Property Investor
  • Dallas, TX
Posted

Hey BP!

Looking for ideas or suggestions with this deal. I'll jump right into the details now. Think I should of posted in this discussion to begin with, though I'm unsure. 

3bd/2ba SFH w/1,524 sq ft. built in 2004. Location: Waynesville, MO (20 min from Fort Leonard Wood)

The seller has remodeled the home, including but not limited to: a/c (1yr old), Floors (Pargo), Stain Resist. Carpets, Ceramic tile, remodeled bathroom (sinks, showers, fixtures), and new paint. No repairs needed at this time or IF any, Repair/upgrade cost would be less than $5k.

The good: Home ARV is approximately $156k. It's a turn-key property. Current tenants paying $1,100 mo and will be moving out in Sept. (lease up). Property is currently cash flowing approximately $250 on a 15 yr amortization loan. 

The not so good: Seller has low equity in the property, so there's still a decent loan balance left. Seller is motivated, however want to get rid of the mortgage under their name (sub-to out of the question). They've tried listing it a few times in the past, but no luck selling.

The properties don't sell too quickly in that area, however they rent like hot cakes!

I'm looking for any suggestions/ideas to help this seller out. 

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