Purchase Opportunity Before Realtors Involved

[Ryan Nelson]

I just had a discussion with a young lady whose mom is moving out of her home after living there 35 years.  They don't want to do anything to the property and want to sell it as is.  She notified me that the deck is in disrepair, it needs new carpet and appliances, and she's not sure about the water heater or furnace.  I don't have the work history as a self-employed home inspector to get a loan in a traditional way.  I'm trying to decide how to, or if I should, move forward to evaluate and pursue this property.

If I pursue a flip approach it would require hard money.  If I do a rental property approach I would possibly need a partner.

What I know is that they are just hoping to break even on what mom owes after living in it 35 years.  They have about 100K in it and similar properties in the area are selling for around 130-135K.  I've already told her that it will be difficult to get that money out of it with realtors involved when they're selling it "as is."  There is no realtor at this point.  I have the opportunity to purchase it without realtor expenses if we were to move forward with it.

I'd love your thoughts regarding the process to explore this investment further.