Updated about 4 years ago on . Most recent reply
Sub2? Seller Fincancing?
Hey everyone! I've been a BP stalker for a while but this is my first time posting. I just picked up my first deal in Uptown Chicago in a desireable area walking distance to the beach, less than 10 min to downtown, walking distance to trains etc. we are doing a complete Reno, renting and either renting or air bnb, not sure yet. However, recently, one of the neighbors reached out and explained that another neighbor in the community had passed away and left the townhouse to his son. The house has been vacant for a couple of months now and he is interested in getting out from underneath it, as he doesn't want to keep paying the mortgage. I was able to talk with the seller and he said he would wait for me to fly out there and have a conversation with him before he puts it on the market. According to the seller there is still 130k owed on the house. The house needs a complete Reno. As it sits right now it's worth 250-300k. ARV is 450-500k. I'm trying to come up with a game plan to acquire this property and have been looking into subject to or maybe seller financing. Again, I'm super new to this and any knowledge I have has been through watching BP podcasts and reading books. If I'm missing something or if there's a better way to get it done that's fair to everyone involved, please feel free to comment. Any feedback would be much appreciated, thanks in advance!!