Wholesaling Divorce Property
Hello Friends! I have a situation that could potentially be a good deal but I am not sure how to proceed. Any ideas will be much appreciated.
So I am thinking about WHOLESALING (this will be assignable option) a property that is owned by a couple going through a nasty DIVORCE.
ARV of the property = approx $400K (need some repairs ~~ 20K)
Current Mortgage Lien = 294K
The husband has stopped paying property taxes and that bill, as of this moment, is approx $70K.
Is it worth it doing an assignable option to buy on this deal when the profit margin is about $36,000 BEFORE I assign it? I am thinking that even if I make a $5K assignment fee, my cash buyer will not have enough of a margin to fix and flip.
How would you approach this situation? Would love to hear your thoughts.
Thanks all.