OfflineMay 19th, 2015 | posted by lbrown
Hello family, I have a possible investment situation I'm looking to get into and could use some advice. A coworker has a home their looking to get out of,she said she's ready to just walk away. Between the repairs mounting and the taxes, my coworker has become overwhelmed. I'm going to make arrangements to go see the house in the next few days to speak to her further and possibly take photographs. She told me that she has $22K left on her loan. I'd like to help us both by wholesaling the house and then again I'd like to lease it with rights to sub-lease. What about a land contract? My question is if I get into a land contract with her and she sells the house what happens to my contract? Or what can I do to retain my interest in the house?
lbrown
Hey I Brown, What is the house worth? Does it need repairs, What will it cost to bring the house to good saleable condition? what price will ur coworker sell to you for?
We need more info to help you.
Rando
I don't know anything about land contracts, but if you can get it for a good price that will give the seller something back at closing, but low enough that you can wholesale it and also makes some money, then you both win.
So the question is the numbers like Rando says. What is ARV? How much are repairs? what do you think you can wholesale it for? How much can you get it for?