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The house is needing only kitchen/breakfast flooring, but tenant occupied. Mortgage balance is 97K and the value is about the same. Mortgage is 784/mo plus taxes and insurance approx. 3000/Yr. The tenants pay 1100/mo but two months behind. The seller cannot handle and wants out ASAP. If I offer her 800/mo lease, she cannot handle the negative. Option or seller finacing dont seem to work without negative cash to the seller. Any solution? Thanks
Hard to find opportunity in deals with ZERO equity, particularly if the seller is unwilling to fund a negative cash flow or provide you a lump sum to takeover the payments. You could approach the bank for a short-sale but since this is non-owner-occupied, it’s an uphill negotiation. I’d move on, way to skinny!
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