Updated over 10 years ago on . Most recent reply
Coworker is about to abandon her house!!
I'm looking to help a co worker minimize her losses.
She currently lives in the Springfield, MA are and is planning to move to SC in the next 6 months. She just told me that she is going to just leave her house!!! She said she owes about $60K and that it needs to much work and she is going to stop paying the mortgage soon. I told her that I was new to REI and to let me see if I can help.
So i started to look at the comps on the home and its not looking good. it was built in 1924 /4bed/ 1bath/ 1400sqft , its one of the only single fam houses on the street and she said nothing has been updated since she bought it in 1995 (roof,heating, knob&tube, etc). AND It shares a single lane driveway with the neighboring property, so weird!! There is not much appealing to me with this house, but now that Im trying to think like an investor I cant Imagine their isnt some meat on the bone for a home that someone is going to possibly just walk away from.
It seems like this would be a great first wholesale opportunity for me, especially because im close with the co-worker, but im skeptical that this house is going to be a head scratcher for other investors. im thinking to myself - even if this thing got 40K worth of updates, it still has the most congested plot of land Ive ever seen, who would really consider buying this thing????? Please share!