This seems like an opportunity...your thoughts?
Oregon beach town, near-prime location, off-market SF fixer. It's an inherited property, ARV about $400k, needs an est. $75k of work. It's also a short sale on a reverse mortgage. The heir has assurance from the mortgage co. that they will accept $180k (although balance is about $280k). Heir wants another $20k to divide among himself and 2 siblings (finder's fee, maybe?). The numbers seem great, but 1) I'm not sure if the "finder's fee" is even legal--the mortgage company says they don't want to know about it; and 2) we have our hands full on a multi fixer and are concerned about using hard money and then letting either property sit. Would this be a good wholesaling opportunity? Any other ideas?
Thanks very much, BP!