Updated over 18 years ago on .
Subject 2, tornadoes, and insurance...
My next door neighbor is very motivated to sell her house.
She owes $73K and I know it's worth at least $112K. Houses have been selling on my street for the past year and a half. In fact for a street of only 10 homes, 3 have sold.
Our area of Tennessee was rocked by several tornadoes this past week. Our street just got hit pretty badly with the tornado and in the storm, she lost a patio, the roof over one of her additions, and garage door.
At $73K, it's not worth doing a deal unless the insurance covers the repairs and perhaps I can drop another 10K in other updates.
What should I do? Would insurance cover the repairs as a result of the tornado if I take over the house sub2?
I'm familiar with wholesaling but not sub 2.
Please let me know,
Matthew Stover08
P.S. I would be willing to partner with anyone interested in mentoring me via sub2 and rehabbing on this deal.