What is included in the HUD
I am completely new to investing in real estate and so I went out to find a mentor who I knew from home and I considered my friend. He wholesales, does contract, and whose girlfriend is a real estate agent. Within a week he called and said he found a house that met my criteria.
Acquisition: 45k
Rehab: 6k
ARV: 61k-65k
I felt pressured throughout the whole process which i understand is the case when you are flipping a home so i never brought it up. However, his gf (real estate agent) asked that I get a cashiers check for 43k by sending me a picture of only section of the HUD and not the whole document. I requested the whole document and when received to my surprise the sellers price was 28k. Dont know really what to make of it. If im honest i placed too much trust and did not do my hw on the property. I am not sure if the house is even worth the 61k-65k or if the rehab is really 6k since he got it so cheap. After calling and asking he said he did not acquire the house for that cheap. Is that possible? Or is the price sated is what he got it for? Like i said i am completely new to this and i am not sure if he is lying about the whole situation to get the most money from me.
1. How do i go about finding the ARV of a property?
2. I have 2k in earnest money. If it does not go through can i get that money back? if so, how?
3. Assignment fees were 16.5 k and he claimed its not for him. What questions musty i ask?
Any advice will help. Might've not been clear enough so feel free to ask questions.
Thank you