Rental or wholesale Home with high debt and little equity play
Hi i am trying to make this deal work. I am new to this. Here are the numbers
CMA is 234k, seller wants for what is owed. Bank said they want me to meet at minimum net balance of 172k.
Payoff is 207k , Appraisal as is 205k (needs repairs/cosmetic updates)
Repairs - To be determined since utilities are off... am working on getting those figures.
In arrears 14k (10/mo) Needs gone by mid January.
Home has lots of potential and would like to prevent a foreclosure/short-sale.
Is there a way to make this deal work with existing loan? What is a viable entry-exit strategy for this unique situation? Should a loan be issued to cure it and some repairs to then rent out and generate equity?
i need some pointers. Honest answers only please