Wholesaling with tenant

[Junior Salters]

I had a lead call back from my yellow letter campaign that I need some general insight on even if it doesn't go as planned. Customer looking to sell on home with tenant that pays $400 a month. He owes 25 K on the home and wants to be done with operating it. Home sales in the area are around 45-50K. I know this an odd one because he has a tenant so technically repairs may or may not have to been done but all it would need is some updating, no more than 5k and thats being conservative. Thoughts on what I could do with this one or is it a dead duck?

Would I need to find out the cash flow on this one to see if it is even worth being sold to another investor?

[Tim G.]

Ill be honest, I don't know your market.

Look at what is selling in that area recently, look at what is for sale right now. As long as you are under what is selling and in the range of what has sold to investors you have a shot.

I would go for it myself, you should also find out his payment, interest rate and if it is fixed. You could potentially take this on subject to.