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Updated over 7 years ago,
New to investing and I have a good deal.
Hello, my name is Paul Samia I'm a realtor in LA. I'm also new to investing and I'm happy to tell you all I just got my first real lead and I need some advice!
I'm now sure how to approach the deal.
It's an NOD the owner owns $143,000 is delinquent $8,990 and also has $33,000 in equity.
I want to flip the property but I'm not sure how to buy it. :/
Do I... remember I want to try to flip it.
1) Do a short sale and negotiate with the bank?
2) Give the owner $33,000 to walk away? (What about the bank?)
3) Take over his loan?
Should I call the bank myself? what am I missing/forgetting?
Should I give the offer to the owner or the bank?
I need to buy it under market! I would greatly appreciate any advice regarding this.
I'm meeting with the homeowner tomorrow 8/3/2017 to walk through the property, I really don't want to leave without a signed contract, This is a great opportunity and I'm not going to lose it!. Any and all advice would be greatly appreciated. Thank you!
I want to learn!! I'm looking forward to hearing from you!