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Updated over 11 years ago on . Most recent reply

User Stats

152
Posts
126
Votes
Peter Fennig
  • Investor
  • Fort Wayne, IN
126
Votes |
152
Posts

Helping someone in need?

Peter Fennig
  • Investor
  • Fort Wayne, IN
Posted

So I've come accross a gentleman who has recently gone through a divorce and after the fact owns 2 houses because of it (the one they lived in together and the one he moved into after the fact). The house he wants to get rid of is in his name, only has a first mortgage, no outstanding liens or second mortgage, and is in good shape minus new carpet and some paint inside (outside is in good shape). The owner already told me he's not interested in making any sort of profit on it, he just wants to get rid of it while paying off the mortgage ($79, 000). My intention was to wholesale it until I pulled some comps and found that the retail value would be right around $90,000. My question is, might there be any options if I were to market it to a buy and hold investor since there is such low equity in the property, and if so how would I market it or set the whole thing up, and of course how could I make a profit on the deal if that's even a possibility?

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