Wholesaling
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated about 5 years ago,
Wholesale Subject To Deal - Yes or No?
Hey all,
I'm in talks with a wholesaler who has a seller willing to do a subject to deal. The wholesaler is asking for 20k, which covers 'assignment' fee, AC repair. It also appears the title has a lien on it, so I imagine that would need to be taken care of as well - but the wholesaler hasn't disclosed it to me yet.
#s
4bed/2bath 1575 sq ft, 3 car driveway.
Current mortgage - 103,5
Current tenant has been there 8+ years, with rent being 1250.
Average sale price in the area is 130-140k.
Wholesaler negotiated with the owner that the existing tenant can't be evicted unless for obvious reasons (payment, damage, etc). This bothers me because I tend to lean towards lease-option sales for sub2 homes, I imagine I would just have to wait out the lease, which I asked to see a copy of.
TLDR: 20k for a property cash flowing $262, which the possibility of 20-40k equity.
Would you?