Can the Administrotor of an Estate purchase the Estate
Hello I am relatively new to here to bigger pockets. I've recently been considering to be named the Administrator of my mothers estate (God Bless her soul). The situation goes like this the house is currently in pre-foreclosure due to my lack of maturity and poor choices. Also I have a step who has 1/2 interest in the estate outside of the mortgage, and is listed as a co-owner on the county appraiser.Me and him are in good standing he want's nothing to with house, but does not want the bank to have it. So fast forwarding to the present, I've been practicing wholesaling for about 8 months now, with a firm desire to move into fix and flips. The idea was to use the money to catch up the missed payments, but certain factors compelled me to change that outlook. Now I just want to get rid of it, also I'VE BEEN SITTING ON A GREAT DEAL ALL THIS TIME .I've been positioning myself I have grown my FICO score I'm only about 20-30 points away from a 700 between all three bureaus, and I'm starting an LLC to acquire a line credit to use for a down payment on a hard money loan. If unable to do so I can definitely wholesale it. Sorry for the long post, I wanted to to be transparent.
So here are the numbers:
Mortgage payoff amount= 66K
Repairs= less than 20K
Step bro(co owner)= only wants 20K
ARV= 190K (based on comps of recent past sales in that neighborhood)
Also I have a G.C. who is willing to partner with me on my fix and flip ventures, and a finance firm who instructed me to create and LLC, build my FICO up to a minimum of 680 with all three bureaus, doing so will enable me to leverage my personal credit to obtain a line of credit for my LLC (I'm a big believer in using O.P.M.). I have two licensed agents I can work with, to my knowledge it would behoove me not add a closing attorney to my team. So all in all once I add a closing attorney to my team I'm fairly confident that me and my team can make this happen.