Is this a Wholesale or sub-2? Owes $230,000!
Hi. I wouldn't be posting this if I hadn't already searched for the answer on PB, here's my question.
Got a call from a lead today and he wants to sell his rental property. 5/2 single duplex with 2,214 Sqft. ARV for the area is roughly $340K ($339,333 to be exact). at 90% ARV the value is $305,400 - $15,498 in repairs ($7/sqft) - $10K (my profit) brings it to $279,902. He agreed to sell for $275K and I would sell it to cash buyer at $285K. Average rent for the area is about $2K/month.
With a mortgage still owed on the property of about $230K can I still do a traditional Wholesale deal? Owner already doesn't want to do a Lease option, so that's out of the question. And would a Sub-2 work in this scenario?
Thanks in advance!