SubTo Deal Advise Needed

[Mike Barone]

Hello BP, I was presented with a local creative financing deal and need some honest advise. This is a subTo deal a wholesaler locked down and is looking for an end buyer. This property is in the same city I live which makes it more attractive for me. Here are the details:

• Purchase Price 280K /ARV 310K
• Down payment of 20K (includes assignment fee 10K goes to seller 10K to wholesaler)
• Balance on loan about 171K
• PITI $1400 approx
• HOA $140
• Rent 2k renter already in place which is the current owner (He is wanting to lock in price now because he feels the market is going to go down)
• 2-year term with the option to extend to 5 years

Any advice is appreciated as I have never done this type of deal before.