I appreciate shuan's questions and here's some responses. Shaun got me thinking about this one again so I looked at the MLS. Boy was I surprised! 5 properties 1100-1500 sqft houses selling for 135k-150k! This one is 1500 sqft.
There was alot of pictures and all of these houses are in top selling conditions. Some had new flooring and kitchens. This house is a rental so its beat down a little, but mostly cosmetic.
Here 's the answers to your questions Shaun.1) Can you sell this deal to someone else?
Absolutely, I was telling him that I would touch bases with him on Wednesday to give me time to either birddog it out to someone else or assign it.2) What if you sell without a Realtor?
I could, however, not having the visibility of the MLS filters out a lot of potential buyers. If I want to sell quickly, I would want to use a realtor for maximum results.3) You've already done the hard work of getting the seller to agree to a subject-to deal. Why drop this now?
I agree, if I can't use the lead , than I try and get a referral fee.4) With the mortgage, fees, and repairs, the total debt is 109K. 6% commission on $125K is another 7.5K, for a total of $116,500. You've got $9.5K cushion in there, or $14.5K if you sell for the higher price.
I need to add some attorney fees for land trust, holding costs, and there will be some closing costs (title report etc..) in addition to commision. IF I could sell the house for 125k than I could make 5k if everything goes perfect.5) What's the monthly mortgage payment? $
1180 PITI Monthly rent is $8756) How soon can he move out? What's the average time to sell in the neighborhood?
VACANT! It was a rental. I don't know the average time to sell in the neighborhood, I need to find out.7) You could probably make at least $5,000 on this, easy.
Assuming a 125k sales and everything is perfect, than 5k is obtainable.
Now, if I can sell this thing for 130k confidently, than I am in better shape. Based on the MLS comps, I should be able to do this.
I'm going to bring my handyman (fellow investor) to check a few things out. If good, I'm going to pull the trigger.