Updated over 15 years ago on . Most recent reply
Need help/advice structuring a wholesale deal
OK, here we go! My cousin just inherited a property from his mother's estate. The house has an 80k mortgage, the house needs at least 30k in repair and ARV is 180k. My family know that I want to start investing in real estate and want me to find a buyer for the property. This would be my first deal. not sure how to structure it. If I do a land contract I will be responsible for the mortgage. If I try negotiating with the bank for a shortsale this could potentially take months and he need cash fast. How would I structure the deal to make it profitable for a cash buyer and put cash in my cousins pocket? all suggestions/advice is welcomed!
Most Popular Reply
As Tyler mentioned, if you're numbers are accurate for the rehab and resale values (perhaps a big IF), you can likely get an investor to pay $95-100K for the property.
If the mortgage is $80K, that means you could likely make $15-20K in profit.
Start advertising to investors at your local REIA meeting, on Craigslist, etc.