Hi, i had seller call from my mail campaign on a townhouse in Autumn Chace subdivision in Sandy Springs, Ga, a suburb of Atlanta.
Actually it is someone close to the sellers, who they have asked to help them through their situation. They have a 4 bed, 3 bth 1800 sq ft townhouse that has a home equity loan lien on it for around 150k, plus back taxes and HOA fees of roughly 18k. Looking briefly at the area, looks like those homes are going around 230k. The sellers are broke, and don't know where they would live if they sold, so they are looking to sell and get a decent place somewhere else they can afford. Any decent way to structure this deal?
The deal looks too thin to me as a wholesale. Sorry.
Yea, i was thinking that as well, too much debt on it, thought maybe a lease-purchase oriented strategy, but i'm not really versed in how to structure those.
Hi @Morris Lucas . I haven't structured a deal like this myself but in one of the BP Newsletters I remember reading about one success story where the guy bought a property and let the seller stay there for another year. The rent was deducted from the sales price. I'm not sure if this could be an option for you but it sounded like a win-win. You could be in for a challenge though because they still owe a bit and you'd have to wait a year to realize any profit.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing