Seller stills owes 150k mortgage asking for 170k

3 Replies

You buy it from him for $170k, and list it on the MLS for $300k.

If your comps a right (and they are probably not.  Sorry, but it's true.) then you should have no particular problem finding an investor to provide the funds.  Hell, I might do it myself.  

What you don't do is get it under contract, run around trying to sell it, fail to do so, and weasel out of your contract leaving the seller in the lurch.

Send me a PM if you like.

Nice potential profit spread.  As a new investor, I'm curious.  How did you pull your comps? What is your assignment fee for this one?  Have you estimated rehab costs?  

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