- Joined
- Mar 28, 2008
- Messages
- 29
I have a potential quick turn lead in Ontario and would like some input on my options.....
Asking price is $250,000
ARV is $275,000
Repairs needed..... 2 new windows in front of house and needs new paved driveway
Existing mortgage is $213,000 @ 4.95% with 1.5 years left on term
Biweekly payments of $562 ( = $1124/month)
Taxes $3600/year ( = $300/month)
Seller is purchasing a condo at $159,000 and needs enough for downpayment and is open to maybe taking the rest of his equity at a later date or on monthly instalments.
He says he has a HELOC, but I`m not sure how much he has available ( can`t be much with his present mortgage)
How would you structure this deal??
His payments seem pretty high, but with over $20,000 equity in the property , I am thinking there is still good opportunity with a rent to own scenario. Any ideas /input would be appreciated.
Thank you,
Asking price is $250,000
ARV is $275,000
Repairs needed..... 2 new windows in front of house and needs new paved driveway
Existing mortgage is $213,000 @ 4.95% with 1.5 years left on term
Biweekly payments of $562 ( = $1124/month)
Taxes $3600/year ( = $300/month)
Seller is purchasing a condo at $159,000 and needs enough for downpayment and is open to maybe taking the rest of his equity at a later date or on monthly instalments.
He says he has a HELOC, but I`m not sure how much he has available ( can`t be much with his present mortgage)
How would you structure this deal??
His payments seem pretty high, but with over $20,000 equity in the property , I am thinking there is still good opportunity with a rent to own scenario. Any ideas /input would be appreciated.
Thank you,