I need help with this house

General Real Estate Investing
1

I recently came across this investor who bought a house on 4/12/2005. He was suppose to get money back for buying the house from the seller. The next mourning when they went ot pick up the checks from the attorney’s office, the seller had two security guards with her and walked off with the money.

Now the buyer (the investor) is stuck with a house that needs about 7,000 to 10,000 in work. He does not know what to do with the house now.

He was suppose to get 45,000 for buying the house (retail) and then using that money to fix the house and sub2 the house to a group of investors that specialize in sub2 deals. Now that group of investors will not work with him because he was suppose to give them 10% of the purchase (15,000) cash after he bought the house BUT the seller walked off with the ALL the money.

He is willing to pay me if I can give him some “knowledgable” advice on this matter.

PLEASE REPLY WITH SOME GOOD ADVICE PLEASE…

2

Did he buy the house with his own loan? If so Maybe you could tell him to stop doing shady back end deals? Thats the chance you take.
If there is not much equity and the numbers are ok , offer to take it over your self sub 2,J

3

There has to be more to this story. An attorney would have to escrow funds to be paid to you or a contractor. He would not jeopordize his license unless you set up the contract to get money directly back from the seller. So probably the investor messed up in writing the contract and the seller took advantage. I doubt if he had anything in writing about getting the money back.

4

he is willing to pay you for advice you are asking for from people on a forum you do not know? i think that speaks for why your friend is where he is today.

5

Thanks for the “advice” I asked about…