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Updated almost 5 years ago on . Most recent reply

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2
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0
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Menyy M Mosii
  • NYC
0
Votes |
2
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Need SERIOUS Help! HiGH EQUiTY Opportunity. To Buy Or Wholesale?

Menyy M Mosii
  • NYC
Posted

Grandpa Died 2018 Left This Really Beat Up Brownstone To My Mom & His Sister. The(Pre Covid-19) ARV=$2.6-3M. My Problem Is They Are Both Financially Illiterate & Extremely Stubborn. The House Is In Terrible Shape And Would Need At Least 500k For A Full Rehab & 200k To Make It Livable, And They Are Overwhelmed Because oF That. Talked To My Mom I May Be Able To Acquire For 200k, Which Would Be AMAZING. I Really Want This House. However I Just Started Building Credit And I Make $21/Hour Full Time, While Currently Developing Multiple Streams oF Income. With Only $1000 Savings To My Name. How Would I Go About This Deal, Especially In These Times? Could I Possibly Wholesale It To An LLC Or Trust I Develop For 650k(Some Kind oF Loan), Then Use The Assignment Fee To Make The Mortgage Payments For A Year While I Invest In Cash Flowing Property+ Businesses? Or Get Loan For 300k And Somehow Use The Equity To Refinance? What's The Best Business Structure & Course oF Action To Take For Tax Benefits In This Situation? Could I Somehow Use New Home Owner Programs And/Or Grants? How Can I Make This Work? What's My Best Option For A Loan, Other Than A HML With Ridiculous Rates? ALL Suggestions/Advice Highly Appreciated. Thank You.

Most Popular Reply

User Stats

1,093
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753
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Mark H. Porter
  • Investor
  • SC NC, VA
753
Votes |
1,093
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Mark H. Porter
  • Investor
  • SC NC, VA
Replied

Sorry, I had to stop reading.  How are you capitalizing every word?  It’s very hard to see the beginning of a sentence.

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