Is there really more to this?
Hi, I’ve ready many posts and read the stories of success. Currently seeking feedback to determine if I am on the right path and/or the other things I must truly consider. Please see below:
1. D4D/Deal Machine lead. Early 1900s home (4/1) (1,636 sq ft.). Severe roof damage that now let's all elements inside the home. Truly a full rehab. Unsure on ARV but when looking at properties sold in the area high is $180K a neighborhood away, but low is $2400 (yes, hundred) in the same neighborhood. County taxes are up to date (last paid amount approx. $500)
2. Seller: States that $10K remains on mortgage ($400 mo. payment) and is only asking for that to walk away. I would need to confirm the actual balance. The property is in pre-foreclosure.
This my first real attempt at helping someone so my thoughts on acquiring property are to find/create the wholesale contract, get the property under contract once I confirm the mortgage balance. It seems straight forward but I believe I am overlooking something. Any thoughts?
Thanks in advance.