All Forum Posts by: Susan Dobbs

 Great! Thank you. :)

 The owner put in a call with the mortgage company to find out. The current interest rate is 2.75 and that would make me a really happy camper. 

I have an opportunity to buy a house that the seller wants to pay off the mortgage amount and his closing costs. 

His mortgage balance is $210k and his mortgage payment is $1600 a month. He offered to sell it to me for the mortgage amount + closing costs and the house needs about $100k of updating. The ARV is $450-500k. It's a slam-dunk.

My question is, he also offered for me to take over paying the mortgage (either subject to or lease to own) and updating the house with the intentions of eventually either selling/flipping the property or refinancing it. How would that work? I could of course go the conventional way of buying the house with 20% down through a lender and paying for updates with my HELOC. BUT, since he offered to let us pay the original note, it peaked my interest. I know people have been creative with subject to deals and I have never considered them in the past and feel the need for my own due diligence.

Any ideas or options would be greatly appreciated...

 This is perfect advice...I'd like to piggy-back on this advice and add that if you are able to do the above, also see if you can postpone the foreclosure by providing the contract with your future closing date to the judge (assuming the foreclosure auction date has been set and you even have enough time to complete the necessary probate issues AND stall the foreclosure at the same time). Best of luck!!

Contract a real estate attorney since it is involving a lease back...if it was a normal rental, I would slap a 3-day notice to vacate on the front door. That USUALLY gets a phone call...

Like mentioned before, anywhere close to a tourist destination. I am in Florida, so naturally, I recommend anywhere near the east or west coast as close to the beach as possible.

Every county has a property appraiser's website that you should be able to run a search by the address. Whomever pays the property taxes will be listed as well as their mailing address. Good luck!

@Owen Schwaegerle

I have been trying to get in to the Gainesville market for some time...I have been looking at the Duck Pond area which is close to UF & Shands.

I have made several offers, all unaccepted...that area's market is HOT right now...been looking for off market deals, but haven found anything anything hot enough off market. All of my offers have been off of MLS.

@Tristan Roth

I think it's a great idea...get local, like-minded people together...energy flows to where your focus goes...before you know it, you'll have an investment under your belt.

I personally, have joined a few REIA groups through a website called meetup.com. You can create your own group, or search for others in your area...others in your area can search for that group (by searching investment groups) and find you.

Hope that helps but definitely do it!

@Susan Dobbs

***Redfin not Reddit...