Bank owned reverse mortgage?
Hi BP
Found a property that is bank owned though a reverse mortgage. Selling agent told me the bank is firm on the price because of federal regulations. At the listed price its not a profitable flip. Looking to flip this property listed at 109k. My numbers according to BP calculator would require a purchase price between 82k and 87k to account for reno and profit. Please share your insight on this type of bank owned property and any creative approaches to scooping deals in this situtation.