I have found a House that is a 4BR 2BA in an excellent location. I found out the Owner has a mortgage on the property so our original thought was to do a subject to on the property and put a lease option tenant in the home. Today we find out the mortgage due is about 135,000 which is about 15,000 less than the house is worth and the monthly payments are more than we could charge for a lease option tenant so there would be no profit going that route... Should we just try and Wholesale this property? There are no repairs needed what soever because the owners have put a lot of work into it. They want more than the mortgage is worth to get at least some money back Can anyone hive me any advice on this? We have built a very good rapport with the owners and we really want to help them out of this second mortgage. Any help would be very appreciated. Thanks in advance
@Anthony Bostic , there's not to much wiggle room on this one. The owner is emotionally attached to the property and it's common for them to want more. Is he really motivated to sell? If you have some buyers interested in the area, you may be able to assign it for $2-5K. If you can detach him from looking at it as home and look at it as a house or just another property. He may accept what he owes on it or close, but if he's not motivated to get out of his situation, then you can just follow up with him at a later date.
That's what we were thinking Thomas. Thank you for your advice.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!