Updated almost 12 years ago on . Most recent reply
NEED HELP WITH DEAL STRUCTURE
Hey guys im a new investor primarily focusing on wholesaling in the NC/SC area mainly the Charlotte market. I need some expert advice regarding a deal involving family memebers. My grandmother passed away in 2012 leaving her house to my mother and her siblings. There are a total of 4 heirs to the property and 2 of them want to sell the property. I made an offer to purchase the property with a lease option since I dont have the credit to get a mortgage or HELOC. The house is owned free and clear and needs roughly 10-15,000$ worth of repair mainly new kitchen appliances, siding, and both bathrooms updated and remodeled. The tax value of the home is 105,000 but the comps i ran on zillow estimate the ARV as 125-145,000. I want to buy out my uncle and aunt who want to sell, but dont have the cash to do so. Do i look for a cash partner or private money? or do I wholesale it to a Realtor friend of mine and we both take ownership with my other uncle and mother still on the title?? really need some good ideas on this one.....its driving me nuts!!!