Updated about 7 years ago on . Most recent reply
Working my first deal.
Hey all. I have a motivated seller who said he doesn't care about his credit or a foreclosure he just wants some money in his pocket. He has a vacant property 3 bed 2 bath 1190 square feet, huge base and backyard. ARV is about $60-$63,000. Maybe needs $5000-$7000 renovations. property is in Pa. and he lives in NC. I offered $6,000 and he seemed happy. Problem is the mortgage hasn't been paid in about 15 months. His loan statement says he owes a payment of $9,000 and to bring the loan current he needs about $19,000. Principal balance is $31,000. Accelerated amount due $51,000 (guessing to pay it off early). Whats the best strategy for this deal? Subject to? Lease option? It's my first deal and I have unofficial control so I want to work something out of this opportunity. I also have the keys.Thanks in advance