Ok so how do I turn this into a deal?!
I found a property in Newark, NJ. Owner will take 94k for his 3 family property.. I ran my comps and found a property similar to his a half a mile away sold for 355k. This seem like a slam dunk only thing is he still has a 30k left on his mortgage. I'm still wondering if I should pursue for wholesaling. The property still have a tenant in it smh. And someone told me cash buyer won't buy if property have mortgage is this true? Help!
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
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Think about that for a second....why would a buyer care if a seller is paying off a $30k mortgage, when they're buying it for $90k? Check your comparables better, and of the condition of this property and require repairs....I'm guessing you're missing something.