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Updated over 7 years ago,

User Stats

17
Posts
3
Votes
Eddie VanBuskirk
  • Wholesaler
  • Kansas City, MO
3
Votes |
17
Posts

Out of state heir to a property

Eddie VanBuskirk
  • Wholesaler
  • Kansas City, MO
Posted

I have a seller that I have been working with a seller for about 2 months now that lives in California and he inherited a house in Kansas City. The house is in a great neighborhood and is in a great school district.  The house has a 15 year mortgage on the house with 13 years left on it and the payment is 1300 per month and covers insurance and taxes to pay the 120k off.  The property is worth around 200k. and needs a lot of rehab.  

This house was added on to two times and now has a 2 bed 1 bath apartment on it that is metered separately and up stair has 3 beds 2 baths all of the bed rooms are huge. The house could be completely rented out for $1900/month. The kitchen needs to be remodeled and opened up into the living room.  Now here is the problem the gentlemen is going through a divorce and his wife will not sign off for the sale of the house anytime in the near future.  He is paying the 1300 every month and not being able to take advantage of the house.  What can we do in this situation?  

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