All Forum Posts by: Tom Fitzgerald

As is value is the $180k. ARV would be $220ish

Looking for some help since I've only done MLS/Bank financing deals.

A friend has a condo that held a family member for years and does not want to be a landlord and wants to sell.  Below are the details, we are looking for a way for both of us to win in this if possible.

• The assessment is $180k
• He wants to walk away with $160k
• He owes $50k on it
• He wants $50k in the near future but doesnt need the full amount right away and would rather save the taxes 
• There needs to be $30k in remodel prior to renting again 
• Rents will be $1.6k/mth which will cashflow slightly given conservative numbers
• I am a contractor and my thoughts were the following but feel there's some holes that need filling in.
• I would take over his monthly payments while the rehab is being done.
• I can cover the rehab costs out of pocket.
• I get it rented and then go to the bank to finance it.
• What I'm not clear on is the best options at this point.
• If he doesn't need the full amount immediately is he/I better with him holding the note from a gains perspective?
• What would be the structure needed for me paying the payments and doing the repairs?  Is that a lease option?
• Thanks in advance.  

Thanks alot.  Looking forward to the journey.

@Cam Hadfield nice job. If you need any help or guidance in getting them back together let me know. I live right in brewster.

Just wanted to introduce myself.  I'm a custom home builder here on Cape Cod.  My beautiful wife and I are raising our daughter in a great old farmhouse hidden in the woods on this sand bar.  I started getting into audible books and podcasts basically because the radio is so terrible out here.  I have about 50 BP podcasts so far and its been a great source of new information.  Our local market is so high the "buy in" for real estate investing had never seemed to make sense but I never knew there were so many other options.  I'm just taking it all in right now and trying to see which way I might want to go forward with the investing aspect.  Never been a social media or forum guy either so this is all new to me.

Thanks