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.
I was told that he could owner finance or lease/option the house to a handyman or contractor. Let them do the repairs and either live in it or “sub” lease the house to a tenant/buyer and have them put down a deposit larger than what they put into for the repairs.