Need advise on how to do my first deal on two properties

1 Reply

Hi,

I got this family that have two homes for possible sale one is a 5 bedroom 3bathroom and 2600 sq in a good location in Fairfield Ca. They haven't make any payments for 6

months and have a second loan on it. On zillow estimates $500,000. They bought it for $674,000 on 2005. They want to move on, how can I help this family and make some profit from this opportunity?

The second home is 3 bedroom,1.5 bathroom and 1,090sqf .it needs a new kitchen and bathroom renovation and carpet. They have 3 years left on the mortgage payments bought it for $81000 1987, on zillow estimates for $240000 it is located in San Pablo Ca. Not in the best location nor the worse location. This property they just want to sale it. I don't have any idea on how to manage or do this deal opportunity.

How would you do it? What contract would you use? How can I control the negociation with the lender? Is there a possible tax implications from a short sale? 

Any advise? Thank you

Fairfield Home #1:   If there is no equity then there is not deal in my opinion . I would refer it to an agent who likes to work short sales.  Tax implications to the owner are best discussed with a licensed CPA.


Home #2: My first choice would be to put the property under contract with the seller carrying back a loan & I would take over the existing loan.

I would use a basic purchase offer contract.

You can partner up with an experienced investor to finish the deal  or sell the contract to an investor, AFTER you tie the property up with a purchase contract.

Good luck.



Originally posted by @Albert F. :

Hi,

I got this family that have two homes for possible sale one is a 5 bedroom 3bathroom and 2600 sq in a good location in Fairfield Ca. They haven't make any payments for 6

months and have a second loan on it. On zillow estimates $500,000. They bought it for $674,000 on 2005. They want to move on, how can I help this family and make some profit from this opportunity?

The second home is 3 bedroom,1.5 bathroom and 1,090sqf .it needs a new kitchen and bathroom renovation and carpet. They have 3 years left on the mortgage payments bought it for $81000 1987, on zillow estimates for $240000 it is located in San Pablo Ca. Not in the best location nor the worse location. This property they just want to sale it. I don't have any idea on how to manage or do this deal opportunity.

How would you do it? What contract would you use? How can I control the negociation with the lender? Is there a possible tax implications from a short sale? 

Any advise? Thank you

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