Hi Everyone!
A lead came through my website today that is a little bit out of my lead and I would like some feedback before I tell the owners I cant help them.
The place used to be an assisted living facility and has been rented out as a small apartment place recently. Its a 4000sq ft house. With full wheelchair access, 10 bedrooms, 4 bathrooms, and commercial grade kitchen.
Recently the family that was renting moved out and now the owners are stuck with the payments and cant afford it. It could EASILY be returned to an assisted living facility if someone wanted to.
The assesed value is around 370,000 and they owe 250,000 on their first and only mortgage. Given the situation they would gladly accept what they owe to get out. Although the owner and I did not talk in depth about buying subject-to, I am fairly confident that they would accept to get them out of it.
I typically play in the SFH 2500 sq ft and less range, so most of my buyers are not interested. If anyone could offer any advice on how I could handle this situation I would appreciate it. At first glance it doesn't look possible, but if I can help I want to at least try, and of course get paid.
Thank you!
A lead came through my website today that is a little bit out of my lead and I would like some feedback before I tell the owners I cant help them.
The place used to be an assisted living facility and has been rented out as a small apartment place recently. Its a 4000sq ft house. With full wheelchair access, 10 bedrooms, 4 bathrooms, and commercial grade kitchen.
Recently the family that was renting moved out and now the owners are stuck with the payments and cant afford it. It could EASILY be returned to an assisted living facility if someone wanted to.
The assesed value is around 370,000 and they owe 250,000 on their first and only mortgage. Given the situation they would gladly accept what they owe to get out. Although the owner and I did not talk in depth about buying subject-to, I am fairly confident that they would accept to get them out of it.
I typically play in the SFH 2500 sq ft and less range, so most of my buyers are not interested. If anyone could offer any advice on how I could handle this situation I would appreciate it. At first glance it doesn't look possible, but if I can help I want to at least try, and of course get paid.
Thank you!
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