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Updated over 11 years ago,
Help!! is this legal ?!? What are your thoughts?
So I have this lead who owes 283k on a vacant home thats comped with a conservative ARV of 350K. needs about 25k in cosmetic repairs (over estimating it to be safe). 4,300 sq ft, 4 bd 4.5 bath, in ground pool, hot tub, fancy stuff but some leak caused mold on the ground floor, some professional quoted him 5k to clean up.
The point is he wants 290k and the margins are too small to wholesale. naturally i think how can i get this to work via seller financing since the % equity is relatively small.
The problem is that I have not done this before and dont know if the end investor who purchases it is allowed to sell the property to a retail buyer after fixing it up and with that money pay off the seller financing from the lead i have.
Imaginary down payment numbers of 10k for the seller, 20k for the buyer.
Thoughts? Does anyone have experience with this?