Wholesale, REO, Agent ?

[Jaqueline Price]

Ok, I'm still in the beginning stages of REI, haven't even gotten my feet wet yet :wink: .

There's an REO listed at about 60% ARV however, there is an addition to the home that was not complete so we estimate finishing/rehab to be in the 30K range. Bottom line is there's a good 60K+ profit in this deal. We were going to purchase it as our primary residence and rehab it, because of the somewhat blank canvas we would have to work with and also to gain rehab experience. But we are finding the taxes on the ARV will not be affordable for us just starting out, as it would be our first home.

We were set to submit the offer today but after reviewing the numbers with our mtg broker decided that we would be getting in over our heads. Now I am wondering how to approach this deal (and the Realtor) with an offer in which we can assign the contract or if I should just cut my losses and pass the lead off to an investor.

Any thoughts/ideas are greatly appreciated. TIA

Jaqueline