This will be my first attempt at wholesaling…here’s the scenario:
-1 Fam appraised at 190k in NY
-***Owe’s trustee’s 76k
-Want’s an additional 50-60k
-Very minimal repairs needed (<1000$)
***The only issue is that he is currently in chapter 13 bk. I know I need to have authorization from the trustee’s first; but is there anything else I need to know regarding a bk investment?
Howdy Golexcap:
BK deals are hard to flip especially if this is yoyur first deal. If you want to do it then it is best to get all parties to agree to the deal and then try to close it yourself and then resell it on the open market. With the court and trustee and all the disclosure that is necessary it will be very hard to flip the contract or even do a double closing.
I got ya. The only issue is that the property is a good 3 hour drive from my office. I wanted to wholesale it so I didn’t have to make that rediculous drive more then once or twice.
Drive all that way for only $50,000.00 ? :hammerhead:
Bruce