Hi guys,
This is my first post on BP so thanks in advance for taking it easy on me. I've been studying everything I can get my hands on re: wholesale real estate.
I have a motivated seller looking to exit a property and has agreed to keep her financing in place.
To complicate matters, I live in Maine and this deal is in Florida (at least it's the same coast). I know Florida has some interetsing laws regarding subject-to, agreement for deed, lease options, etc. I'm trying to figure out the best way to structure this deal. Here are the numbers:
ARV- $135-140,000
Repairs- Unknown (expect 10k but will take further research, may be higher)
Loan- $97k remaining, 30 yr fixed at 7% (high I know). Seller is $800 and change behind and is asking for additional $1,000 to move. Monthly payment is about $800. Avg area rent is 1000-1200.
My original plan was to do an agreement for sale/deed and wholesale to eiter a cash fow investor or maybe a retail buyer who's ok slowly working on the house to bring it up to true ARV.
I thought all was right with the world but in reading a lot about Florida Law specifically, I don't know if I can structure it this way. I know subject-to comes with a due on sale clause and lease option could lead to periods where I'm having to pay cash if I don't have a tenant in (sandwich LO vs wholesale/assign).
I need to get a deal under my belt to help me move forward. I know the numbers are a little thin but the motivation is there.
Any thoughts would be appreciated (especially re: these methods in Florida)
