My name is Ben Frasier and I have come across a foreclosed property headed for the auction house in April. I am interested in finding people who can help me purchase the property at the auction with the idea of flipping. I already have a buyer, the price is .50 cents on the dollar of the RMV. Property is in hot location and in decent condition. Property is on the Oregon Coast.
Property is on one acre and the opening bid is $157,000. The RMV is $347,463. The TAV is $185,290. I am seeing that there will be a rehab cost of approx $5k.
I will be at the auction to purchase however I need help coming up with the funds. I know the current owner very well however I can’t tie the property up before the auction because he has 2nd mortgage of $100k that will be wiped out at the auction. I need to buy at the auction because there are several other people who will be buying from the bank once it goes back. They can’t come up with the money for the auction.
Any investors out there interested in a deal like this? Hope to flip in 30 days with a decent profit but with sales price that will move the property fast.
Thank you
Ben Frasier