Facts:
Mortgage of 690,000.00
Payments 3,600.00
She is 2 Payments late with the next one due on Dec.29
The property is zoned M-C1 with a 50*120 lot. Currently is a large 4 bed + basement suite home that formerly rented for 3300.00. Great location and value in the land.
Appraised at 890,000.00 August 2008. Based on comps I would say it`s worth 700,000 today.
The seller is interested in a partnership, as am I. I would bring the payments current for 50% interest in the property. No terms are set in stone. Each of us agree on holding the property for at least a couple of years.
There is ample parking space in the back where the previous owners rented out 4 parking spaces (property is inner city). This would make the property positive cash flow.
Would we sign a JV deal and I place a caveat on the title? I have a meeting scheduled tomorrow with her lawyer.
I would appreciate any advice.
Thanks,
Travis
Mortgage of 690,000.00
Payments 3,600.00
She is 2 Payments late with the next one due on Dec.29
The property is zoned M-C1 with a 50*120 lot. Currently is a large 4 bed + basement suite home that formerly rented for 3300.00. Great location and value in the land.
Appraised at 890,000.00 August 2008. Based on comps I would say it`s worth 700,000 today.
The seller is interested in a partnership, as am I. I would bring the payments current for 50% interest in the property. No terms are set in stone. Each of us agree on holding the property for at least a couple of years.
There is ample parking space in the back where the previous owners rented out 4 parking spaces (property is inner city). This would make the property positive cash flow.
Would we sign a JV deal and I place a caveat on the title? I have a meeting scheduled tomorrow with her lawyer.
I would appreciate any advice.
Thanks,
Travis