Updated about 12 years ago on . Most recent reply
Should I wholesale or bank finance my first deal?
I found what I think is a great deal for my first investment. I work with a guy who told me today that he NEEDS to get out of his house. It's a low income neighborhood but not the roughest neighborhood. He is current on his mortgage but wants to move closer to work. He had the house on the market but it seems like it is too nice for the neighborhood. He has made a lot of improvements on the house while living there. He told me today that he is not looking to make any money off the house at this point he just wants it out of his name. He was asking if there is a way for him to just sign it over to me and he would even pay me rent until he found a new home to buy. He pretty much just needs it off of his credit. He pays under $300 for his mortgage and local rents are around $550-$650 for the neighborhood. What is the best way to go about this? I would like to work with an investor since I don't have a pile of cash or the best credit right now. He only owes about 28k. Any help or feedback will be much appreciated!!!
Thank You,
Thomas Heil