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Rehabbing & House Flipping

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Joshua Lee Wegner
  • Specialist
  • Ann Arbor, MI
6
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22
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Possibly my first deal tomorrow, have a few questions.

Joshua Lee Wegner
  • Specialist
  • Ann Arbor, MI
Posted Aug 9 2018, 19:42
Hi there, BP! Possibly have a deal lined up tomorrow but there's a nuance or two I'd like some advice on. The backstory is that the property owner and his now ex wife bought a property to rehab but ended up running out of time and money. He is motivated to sell and his ex is ready to move forward as well. The issue is that she still lives in the half rehabbed property and needs time to get her affairs in order and find a new place to live. I told them this wouldnt be an Issue but how do I go about accomodating? Do I lenghten the closing period to 45-90 days? and If so, how do I go about marketing that property to a buyer? Also, this property has a 3200 tax lien. Assuming I just factor that Into the MOA algorithm ARV (.7) - repairs - AF - lien = MOA? And one other thing that I have yet to learn on the YouTube university campus is closing costs. How do I factor those in, and who and what needs to happen for those to get paid? Is that strictly a buyers responsibility or is that something that gets hashed out on a case by case basis? Thank you all greatly for your time in advance!

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