When mortgage is owed
I'm new to the investment of real estate but have what I think to be a great wholesale deal.
Stats: $15,000 owed in mortgage, market value is $40,000.
I talked to the woman who owns the property and she said she's willing to just give it to me for $20,000. She's moving to another state and can't until she sells this, so she's desperate.
My question is, it's simply a number's game, correct? If I put her under contract for $20,000, and assign the contract to a cash buyer for $30,000, I get $10,000 profit, right? When I assign the contract I'm making sure it's worded to where the end buyer takes over all interests, rights, liabilities, etc. The $10k is simply known as an "assignment fee"? Just making sure guys, any help is appreciated!