Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on . Most recent reply

User Stats

251
Posts
124
Votes
Ayne C.
  • Rental Property Investor
  • Tampa, FL
124
Votes |
251
Posts

A friend of a friend who needs to sell her property

Ayne C.
  • Rental Property Investor
  • Tampa, FL
Posted

I have a motivated seller, ARV is 130k, repairs unsure (sounds like cosmetic and a bit of electrical work) but she has 2 mortgages on it.

Mortgage 1- 79k, payment 940

Mortgage 2 -18k, payment 226

Market rents are about 1,000.

I'm not looking to assign the contract, I'll do the work myself, I'm expecting about 10-12k in repairs but I'll confirm when I go on site with my contractor.

I have set the expectation that my offer won't be high enough to cover both debts and she wasn't surprised. Said she might want to liquidate her 401(k) to get rid of the second lien.

She isn't looking to make anything, but can I help her at all?

  • Ayne C.
  • Loading replies...