Property that came out of nowhere.

[Tyler Kaye]

Hey BP,

The word got out in my family that my brother and I are starting to get into REI. While my brother was visiting family in Casa Grande, AZ, a member decided it was time to get rid of one their pieces of property. It is a 3/2 @ 2500 sq/ft. w/ a 3 car garage. The owner wants to sell it to us for what he owes on the mortgage at 150k. I think he is just tired of dealing with it and his busy schedule. The problem for both of us is that we don't live in Arizona, and neither of us have enough experience doing any rehab and listing the property for sale from a distance. We would like to wholesale but do not have a buyers list. I have made a few phone calls to "we buy houses" ads from Craigslist and bandit signs that my brother has seen around to see what turns up. Also, we are in works with a lawyer to draft a LOI for sale to us. Title company is doing research on the mortgage to see if it is assumable. Not really sure where else to go from here. I have look at the local area and determined that we could list the home for somewhere between 179-185K, but we don't have much time to wait out a listing. My brother is being sent overseas and I am active duty in Washington.

Thanks in Advance.