Seller has HELOC - Need Advice
Hi Everyone!
I'm in the beginning stages of a potential wholesale deal and have some questions.
First, I want to say that this isn't my 1st deal, but it's the first deal that isn't completely straight forward and I know there are plenty of people with VERY creative deal structuring experience on here.
Assuming that the deal ends up being viable, how would you proceed with the following criteria:
1. The ARV is $250K
2. There are some major repairs that will be needed. For this exercise, let's assume it's $50K total.
3. The seller owns the house nearly free and clear....except for the complication...
4. The seller has a $65K HELOC.
How to proceed? Is it as straight forward as "I'll offer you $X minus the $65k heloc"?
Your advice is appreciated in advance!
Mark