Talk to a seller who has a first mortgage they owe 453k and second mortgage owes 155k, monthly payments to $2100 and he borrow loan from a friend ....he has to pay back 15000 per to a friend for the following 9 months. The property arv is 650k. The only solution I think I can do is only pay for the 1st mortgage....can you guys please help me find any other solutions?
@LeAuna S. To me it doesn’t sound like there is much opportunity. If the property is worth 650k even in current condition, and you owe a total of 600k, it doesn’t sound like a great deal. It’s going to cost you around 30k to sell it, and if you have to hold it for a couple months you have made almost no money. I’d pass.