ok guys so I've been reading tons on bp for months now and I decided I'm going the wholesale route until I build enough capital for full cash flips . anyways I think I got my first lead however there's a bit of a situation and I need some guidance
So first of all I'm in the las vegas market where apparently there is a shortage on properties for flips due to a"bubble"
The property belongs to my wife's father here's what I know
He bought the house for 70k he's owned it for 18 years out of a 30yr term I can't imagine he owes more than 45k on it after interest. I need to confirm numbers this week.
He is 16 months back in his mortgage apparently owes near 10k , banks still haven't foreclosed on him or sent any notice .
He has some hospital bills to pay and a few other things he doesn't have cash to pay what he owes and is eager to sell the house and get a smaller place . the house is in great condition could use about 7-10k in upgrades to modernize it ...
Recent comps in the 5 mile radius sold for 120-145k
I'd like to help him pay what he owes keep some extra money and add my fee on top .
Is this a deal? Is there any possibility to help him and profit. .. Is this even the way it works? Lol I'm extremely new but no worries I haven't filed paperwork or anything asking here first and if I get approval and some deal recommendations then we move toward thanks a ton guys!!
Hi rito, question for you.... Let's say you help pay off the default amount, then what? Can he now continue to pay his mortgage to keep current, or will he fall behind again? That answer determines what next.
As far as profit for you..... The only way that works is if he allows you to sell and cuts you in for helping. How else can you make anything...
There are some interesting options but dependent on his financial situation.
Sounds like a good chance for a wholesale deal that will pay both you and him based on the information you have provided. I have PM'd you as well. Good luck!
IF he wants to sell, and IF the numbers above are accurate I would be interested in purchasing it. I would have no problem paying you a wholesale fee as well. Please feel free to contact me directly with more info.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing