I know there's a deal in here somewhere...
Wholesaler has presented this property to me:
3/1 house for $193K. Needs $10K, ARV is $260K. She (the wholesaler) has it under contract at $188K. Seller is a guy who inherited the house from his late father.
The house has $183K in liens against it, a $130K 1st and a $53K second. Now here's the interesting part:
The second is a "silent" second that the city place on it for some neighborhood improvement program.
I'm trying to figure out if there's a way to discount down that 2nd. (Both notes, at this time, are performing.) This would prove to be especially difficult since I would try to do so after having already paid the wholesaler.
Thoughts?