Hey All,
I am finally getting things to go my way. Had a call from a guy with a finalized divorced. The house was rented out or leased out or something. I have a Private lender.
Anyhow, it is worth $80,000. and he would like for someone to just pay his loan off of $50,000 and $555 mthly. Now, I was think yes this is a great deal. I read the details from the listing agent and it did not state a thing was wrong with it. Well, big fat no no…it had cracks in the middle of the walls on both sides of the property. It seams someone smeared a little concrete on one of the bottom walls, I guess to cover it in the past. Now, it appears this is the reason they wanted get rid of it. He claims, “I am going to give it to the bank if nobody buys this house”.
Should I do any of the following?
A. Get a release of Authorization and see if the lender will take less, if so then buy have foundation fixed, and flip?
B. Place ad for Owner finance, $2000.00 down $775.00 a month. It is in a prime location, right behind High School
C. Is there anything else I could offer? Is there something I am missing here that other investors did?
D 3 other investors walked, should I do the same?
Let me know what all of your thoughts are?