I have been mailing to probate leads and have gotten a very good response. I have four possible deals lined up. Just going to go over two.
1. 5bedroom 1.5 bath 3000sqft home (Frame) here in Chicago in a up and coming area. This property needs about a good 60k in work done to it. The problem with moving forward with this one is there is a existing mortgage of $247k loan the the father (who passed) had on the home. It's a reserve mortgage and attorney explain to my client that a short sale would be best in this case. My question is what would you do with a situation like this? Son wants to sell to me and be done with it and I do have experience dealing with short sales.
2. 3 bedroom 1.5 bath 1300sqft home (Frame) here the south suburbs of Chicago. This is a very nice area, good school district and around the corner from shopping. Home next to subject property was appraised at $175k and the owner of the probate lead wants 86k for the home. Home needs about 25k in work to bring it back to life. Administrator had investors offer 88k for the property but she didn't like the arrogance of the investors she was dealing with. I came in listen let her talk and took it all in. Would would you do with this would you wholesale it or flip for huge profit's.
I would just like the input from the experience investors out there in the market doing deals.
Thanks in advance
1. A RM short sale....it's FHA insured and the lender can only accept 95% of appraisal, no lower. The lender will pay for the appraisal.
2. Repair costs? If not significant, buy-rehab-sell retail. Or wholesale for 90-95.
1. Short sale
2. Why settle for a wholesale fee. Find an investor -You can do a partnership for a Flip with a split in profit if you can sell it for $170K.
PM me if you want info on how to structure this.
why not raise funds for the home in the south suburbs and flip for profit. Also what type of reairs does it need. Can you do some yourself? Pm me. I may be interested in that south suburbs property.
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