Posted by Mary Flowers on October 29, 2009 at 20:05:35:
In Reply to: AHHHHHHHHHHHHHHHHHHHHHH!! HEEELLPPPPPPP!!!!! posted by dontjustrent on October 29, 2009 at 14:21:34:
One line in your letter says it all. "I don't have the money or the credit"...When buying subject to, there has to be significant equity and a clear exit strategy. This owner won't really be out from under until you are clear. Renting this home only puts a bandaid on the fact you are buying a home with 10% equity instead of 30-35% equity.
I'd walk away here...find desperate sellers at a lower price point so your risk isn't so high on your first deal...That's my suggestion.