:banghead Ok here is the story there is a young lady that I know that is extreamly motivated to sell her home she is moving in Oct from Philly to CA and she owns a home that is not yet paid off the I havent gotten if appraised yet but the comps for it in the area are 105k-150k she still owes 134k Im still in the infant stages of my investing career and basicly I wanted to know if there is any way possible that I maybe able to wholesell this deal for a profit or some how negotiate with the bank or seller to bring the rates down so that I could take it over to live in my self? any info you could give me would be great I just need to know what possible strategy could I use
You will need to find out what it is worth realistically. Even it was worth 150k it seems like a slim deal.
slim deal…yes… maybe you can use another technique…there are ways other than wholesaling…
If she owes $134K on it and it turns out to be worth less than what she owes than your only recourse is a short sale.
It sounds like you need to move onto the next house. No equity. You need to run. Fast. You need equity to wholesale. If the house was worth 135k and you could get it for 75k you might have something worth discussing.