Buy and sell

[Baly Chou]

Hello everyone , I am very new to the forum, ever thought I would actually ask a question with my introduction , I am from Shrewsbury in Massachusetts , I already own a house which I am happy to live in . But getting into business I found this nice little split entry house in Shrewsbury ( which is not in the market yet) for very low price , the present owner is my frnds girlfriend . She wants to sell this house for around 300 k, the Zillow estimate is around 378k... Ok ok I know Zillow estimates are really not true , but I know the area very well, so I am Damn sure this house can be sold for 350 least ( for sale to owner)if not more . So my question , is there a way to have somebody finance the deal and split the profit ?

[Steve Vaughan]

Welcome @Baly Chou! Glad to have you! Getting to the FMV of the house is key as @Matthew Forbes mentions.  

If it were me, I would find out what is owed on the property (through public records if possible) and if they plan on buying again.  Find out their motivation for selling.  

You may be able to buy subject2 (if low equity) the existing mortgage, get an option to buy it then assign, or put it under contract and assign that. You don't necessarily have to purchase conventionally to re-sell. I may take this opportunity to my next REIA meetup and ask an ethical pro for help analyzing it. Good luck!