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TOPIC: Need advice from more experienced students
#4915
Chrystal ()
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Need advice from more experienced students 4 Years, 11 Months ago Karma: 0  
I've got a potential property I'm considering, but I have a question regarding it that I'm hoping someone can shed a little light on for me. The property is a condo (foreclosure) listed for 44K, w/very good potential for positve cash flow after it's purchased and rented out. Market rate rents for this area are in my favor.  BUT....the property has back taxes since 2005, totaling $1600.  How can I use this to my advantage when structuring the deal to present to the bank?
 
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#4916
Jenni ()
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Re: Need advice from more experienced students 4 Years, 9 Months ago Karma: 0  
the advantage to bank is the value of the property, if its worth 65K +
then to the bank it is less risk since there is equity .. if that is the case ...
just push the positive cash flow, the rents can handle and outline that to the bank ..

_title_ issues like behind property taxes do not need to be pointed out to the bank, they see them on the property report .. only advantage is that they will be paid ...
don't point out negatives just the positives
 
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#5995
Rick ()
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Re:Need advice from more experienced students 3 Years, 9 Months ago Karma: 0  
I've been in the business just over 34 years and have never purchased a property other than subject to. The owner deeds the property to you and the note and mortgage stay in the name of the seller until the property is sold. Get the seller to sign an Authorization to Release Information form and the get the bank to give you payoff and reinstatement figures.
If the number work for you, use a portion of the non-refundible option consideration to bring the loan current and you keep the balance. Just make certain the property will cash flow for you.
 
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