Check out this video. I’m at the location of a property that I’m considering buying. It’s a small bungalow in a nice neighborhood south of Cleveland. This turned into a short sale lead – the current owner is underwater, and owes $135,000. My offer on the house was $30,000, but the bank BPO came back at $45,000. It’s sitting in an (approximately) $80,000 neighborhood. The house is in good condition and doesn’t need a lot of work. The current tenant just signed a lease in February and is paying $900/mo. Property taxes are just over $200/mo, but I would fight them next year if I bought the house, in lieu of the new purchase price. I could get a private lender loan for $40,000 and still come out ahead each month, and have the house paid off in about 7 years.
My question is, would you do this deal? Watch to learn more details, and let me know what you think.
