Newbie.. Need HELP.. Possible deal..

I am a new investor trying to get started in the RE Investment business. I have a deal in the works that I want to move on. The problem is that I have no idea on how to structure it to make it work for me and an investor. Here are the details:

  • 2 BR 1 BA home
  • 1170 sq. ft
  • Owes approx. $67k
  • Approx. value via comps $58-$65k
  • Tax rolls $67k
  • No major repairs needed (new paint inside; change door locks; new carpet)
  • Owner looking for $3k cash and subject to financing

How can I arrange this deal to make it feasiable for an investor to pick it up from me via an assignment? I want to flip this deal to another investor but I am totally loss as to how I can structure it. Please help!!!

Stop and think about the subject of this thread and the property…

You have a property that is:

Worth $58-65K,
Over-leveraged by the current owner to th tune of at least 103% (and maybe as much as 116%),
In need of $1500 - 2000 in upgrades
Owned by someone that wants another $3K

It begs the question: SO, WHERE’S THE “DEAL”??

If you bought it, how could you sell it, it’s already over retail! There’s no room in the deal…

I might buy this property to hold if I could bet $800 rent out of in…you’ll be into for $72K when the dust settles.


You posted this same deal on another thread and it hasn’t gotten any better.

Da Wiz