New purchase get me out !

[Mitch Balgobin]

Hello everyone. I was referred to someone who is interested in selling his home. He just wants out doesn’t care how it happens. He ha last experienced a very difficult divorce. He doesn’t owe his X-wife anything. He want sleep out. I met other him and learned that he is current on his payments. He owes the bank $421,000 and has owned the property for the last 3 years. The estimated value is $550,000-600,000. He would like to get some cash after we close. He didn’t say how much. How should I structure this deal ?

Mitch

[Jacob Sampson]

What are you wanting to accomplish?  Are you wanting to flip it or do you want to buy and hold?  Or something else?