House flip / problem ?

[Manuel I Contreras]

My name is Manny I’m really interested in learning to flip and invest in real estate.

My wife’s grandma is about to lose her house due to debt. They owe at least 100k and the house is worth 270k. Is there a way I could flip it before some else. I’m totally new and never done a deal how could I work this problem. (House is in south Phoenix/Tempe area)

I live in Phoenix AZ and I’m a ARMY Infantry Vet looking to escape the rat race.

[Marquez Griffin]

@Manuel I Contreras

That sounds like a rough situation Manny! I have a few questions. 1.) How long before she has to move out of her home? 2.) Is it due to her not being able to pay the mortgage or is it a different debt company that is trying to collect on her home(like credit cards or something)? 3.) What repairs for the home are needed? 4.) Do you have any Cash, Equity in your home or do you know any hard money lenders that you could take a loan out to potentially buy the home? 5.) Is the market where she is living worth it to invest in? These are some things to think about. If you could purchase the home for way less money than the market you could benefit everyone. If she owes 100k and that area is selling around 270k you could get a hard money loan quickly, buy her home for say 150k which gets her out of debt, you put 30k into renovations, list the home for 270-300k getting you around 70k+ after closing costs and everything. Hope that helps!