Came across this seller by making hard calls to FSBO ads.
Seller owns duplex and currently listed FSBO for $278,000. Seller has lost job and has no money. EI may run out in 2 months.
Seller is living on main floor of duplex and rents out the top apartment for $625.00 all inclusive.
Seller owes $60,000 to First Line mortgages and says his mortgage is open with no term - interest is 4%.
Bought house 12 years ago.
Seller is current with mortgage payments and behind $5000 in taxes.
House was listed with realtor back in the fall and evaluated at $290,000.
Seller said his bottom price would be $260,000.
Seller said when everything is paid he wants to walk away with under $200,000.
Mortgage $181.00/week.
Gas $180.00/mth averaged over the year
Hydro $225.00/every 2 months
Taxes $2400.00/year
Fire Ins. $100.00/month
Main floor - redone, one bedroom, one bath, unfinished basement, large fenced-in backyard, garage/workshop with two doors at front and two doors at back of workshop. Could rent for $900-$1000/mth all inclusive - would have to double check. May be the potential to rent garage/workshop separately.
Upper apartment - one bedroom, one bath, needs updating. Currently rented for $625.00 all inclusive.
100 amp service.
Knob and tube wiring remains in the upper apartment.
Cast iron piping going outside for wastewater.
Utilities all under the same roof with no separate meters.
I have not seen the house and told seller I would get back to him.
I am not sure how to go about structuring this deal.
Any suggestions!
Thank you,
Linda
Seller owns duplex and currently listed FSBO for $278,000. Seller has lost job and has no money. EI may run out in 2 months.
Seller is living on main floor of duplex and rents out the top apartment for $625.00 all inclusive.
Seller owes $60,000 to First Line mortgages and says his mortgage is open with no term - interest is 4%.
Bought house 12 years ago.
Seller is current with mortgage payments and behind $5000 in taxes.
House was listed with realtor back in the fall and evaluated at $290,000.
Seller said his bottom price would be $260,000.
Seller said when everything is paid he wants to walk away with under $200,000.
Mortgage $181.00/week.
Gas $180.00/mth averaged over the year
Hydro $225.00/every 2 months
Taxes $2400.00/year
Fire Ins. $100.00/month
Main floor - redone, one bedroom, one bath, unfinished basement, large fenced-in backyard, garage/workshop with two doors at front and two doors at back of workshop. Could rent for $900-$1000/mth all inclusive - would have to double check. May be the potential to rent garage/workshop separately.
Upper apartment - one bedroom, one bath, needs updating. Currently rented for $625.00 all inclusive.
100 amp service.
Knob and tube wiring remains in the upper apartment.
Cast iron piping going outside for wastewater.
Utilities all under the same roof with no separate meters.
I have not seen the house and told seller I would get back to him.
I am not sure how to go about structuring this deal.
Any suggestions!
Thank you,
Linda