My First Deal Might Be a Probate
Hey everyone,
So I've been mailing letters to probates in my area (both to the petitioner and the attorney) and I finally got a lead. Got a call from the son of the deceased who is the administrator to the estate.
Wondering if anyone is willing to comment on what their exit strategy would be, given this info:
ARV: 325K
Owe: 200K
Payment: 1200
1 month in arrears
est repairs: $15K
The son seems very motivated to unload the house.
My initial reaction (being that I don't really have any of my own capital to work with) would be to wholesale it. I would offer him $205K cash for it. (ARV x 70% less repairs and $7k fee for me). Doing this would allow him to pay off what is owed and still walk away with 5 grand.
Is this the best exit on this kind of deal though? Being that I'm new, obviously wholesaling is the easiest exit strategy to wrap my brain around, but I'm not opposed to get funding (private and/or hard money) to do the fix and flip myself instead of wholesaling it to another investor. Just wanted to see what any of you thought about the deal in general and how you'd work it.
Thanks in advance!
Jason