Need Help with My First Wholesale Deal
I have found a property that the owner is looking to sell. The home is in fantastic shape and shouldn't need any work remolding. The owner is just getting old and wants to downsize his portfolio. He has a VA loan on the house and I'm not sure if it makes any difference. $105,000 is still owed on his loan. He wants $50,000 for the house. Full value of the house is probably around 120k-130k.
Do these numbers work out? I'm brand new to wholesaling and I'm not sure. Will the buyer have to assume the loan? Is that going to be a factor, or does it not matter how much is owed if the seller if offering the house for 50k?
I appreciate any help.