All Forum Posts by: Quantrell Sanford

Hello BP friends,

I've been offered a sub to deal from a wholesaler and would like help from the community on analyzing it. Here are the details that I have so far: 

3/2 - 1,674 SqFt - Built in 1971
Market rent: $950

Purchase price: $85K
Down payment: $12K
Monthly payment: $550
Interest rate: 5.6%
Ballon payment due in 18 months

The property has one comp per the county records. The home next door sold for $96k last August, and this property needs about $5k in cosmetics per my estimate. 

I have a couple concerns that I'm looking to validate. $12k seems a bit high. I'm betting that there are some assignment fees in there. Also, the ballon payment. I believe the only exit strategy for a sub to would be to sell the property correct?

Thanks in advance for any and all feedback. 

Hello BP family,

My parents are looking to sell me one of their properties. We tried looking into the possibility of assuming the mortgage, however, their loan terms won’t allow it. 

Are there any creative financing strategies where I could take over the home with little headache? We would like to avoid as much as possible such as closing costs, appraisals, etc. 

Thanks in advance!