Possible first wholesale deal help.

[Ivan Reyes]

I was called to look at a double-wide 4/2 on ½ acre in good area in AL.

ARV is $109+k ($2k) cosmetic work.

Owes $54k

Owner is 5 months behind. ($850 payments x 5 plus fees/penalties approx $5k) Lender is a financing company that wants owner to do a deed-in-lieu. Foreclosure has not begun.

He needs to move, wants $3-4k to move and some equity.

I don’t have funds to bring things current.

I was thinking of optioning the property for 90 days at $70k and selling quick for $90k. After back payments and fees it would leave the seller about $9k.Or maybe do a direct wholesale flip and assigning my contract.

Any thoughts?