Potential Client, Huge Potential Profit
I have a home owner that is wanting to sell her property in Charlotte,NC. It is a Habitat home which they owe about 5K on. They are on board to sell the property for me if I can pay off the 5K they owe but I dont have the 5K to pay it off for them. What should I do? Key things about this deal:
A. The home is in an area just outside of Downtown Charlotte
B. The highest priced comp that has been rehabbed is $538K and the lowest that has been sold (not rehabbed) is $130K
C. They paid only $33K for the home back in 2001
I feel there is high potential for profit as either a wholesale OR fix and flip deal. I want to get a hold on this massive deal before someone else does.
What do I do? All feedback is appreciated. Feel free to ask questions for better understanding.