I have a lady who has a property that ARV is around $49,000 to $53,000.
She is 5 months behind for a total of ($2700) on a loan of $52,000.
I know how to do flips but I am unsure how to work this. I would not want to
rent in this area as it is too far from me. I was just wondering what would
could be done to help her out and is there a deal here?
:banghead SHORT SALE :banghead SHORT SALE :banghead SHORT SALE :banghead
the homeowner owes $54.7K ($52 + $2.7) and the ARV is $49K? the only possible deal is a short sale. is there a 2nd mortgage? on the surface this is no deal unless you can negotiate quite a short sale.
short sale is the best route. but remember as long as it doesn’t cost you any money it is a deal… it is free money.
decide… wait for the 90k check or do 8 @ $15k.
most investors are focusing too much on the mighty dollar. stay focusedon getting the job done th emoney will follow… and it’s free.
anyone doing deals with only 15 - 20k and don’t think it’s worth their while pass them a long. I’ll do them all day.