I have someone who e-mailed me. Here is our e-mail conversation. Please let me know how I should persue this. I am a newie investor.
Hello,
I have a few questions:
Why is it that you need to sell?
I have 45,000.00 in debt I need to clear, (18,000.00 after reduced agreements), My credit score fell below 520 during the botched attempt (6 weeks) to refinance, 11,000 in fees 10.2 interest and 72% cash out. I am glad it fell through. Bankruptcy, debit consolidation, liquidation. My mom rents from me now and has lived there since it was bought and built. In 2001.
What is the mortgage owed on the property?
98,000.00
Is there any judgments or liens on the property?
Not yet
Is there any repairs that need to be done? What is the estimated repair cost?
New unit – 3 years old,
Do you have an estimated market value for the property after repairs are finished?
225,000.00
How much is it renting for?
750.00 + 96.00 = 846.00 association fees mkt could get 1100
Can I wholesale or should I do a subject to, could use some advice?
Thanks