I am in the process of trying to launch my biz and these are my oppts and obstacles:
The short and sweet of my situation:
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I have been offered a property for $18K - yes bad part of town. However, comps show recent sales of up $60K. Also, on the next street there are at least four Habitat house completed, in process or about to break ground. There are other fixed up properties in the area so I feel comfortable that even with the extensive repairs it needs [sagging roof] even if i spend $20K i can get a profit on this property. Plus thought it was a good way to get my feet wet.
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Someone is facing foreclosure they have a chance to sign a stay and promise to get the payments on track. I know this person personally - have for over 20 years - their current problem is due to loss of job, followed by 5 weeks in hospital. Can I:
A.) find HML funding to take care of JUST the back pmts $6K and $1K for keys, then i would pick up pmts, sign an agreement with the homeowner appointing me as “property mgr” so all communications will go to me and rent the property out until I can refi?
B.) or will I have to pay off the bank entirely - equity could be up to $40K waiting to get a fax of the payoff statement
Now the other factor to consider - the IRS and I are shall we say, communicating on a regular basis but there is light at the end of the tunnel and it is under $10K.
The home i live in has title issues but it is free and clear so my monthly expenses are utlities, car pmt [due for pay off w/in year], etc. so should be able to manage the pmts, assuming rehab costs, etc are rolled into loan.
So is this doable - or will my IRS and lack of good credit make it like just dust in the wind?