Updated over 8 years ago on . Most recent reply
Potential rental property
Hey guys, I needed some sound insight on a deal I would like to acquire in the Philly area. I primarily wanted to wholesale this deal which is a 3 story house needing repairs, but the seller owed 25k in liens (water, taxes, etc) and she owed on her mortgage. We tried to do a short sale with the bank and get an approval for 30k but the bank declined because they valued the house at 105k.
The bank is asking the seller to get a loan mod so she can continue owning the property. This house is in a great rental area and I would be willing to offer around 60k and put in about 30-40k in repairs to get it rent ready. What would be my best approach to acquire this house at my price with the mortgage on it?