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Updated about 9 years ago on . Most recent reply

11th hour assignment contract challenges
Looking for a little advice from fellow investors in the Grand Rapids, MI, Lansing, MI, and Kalamazoo, MI area. (recent moved back to MI, from Chicago, and frankly don't have a seasoned network here in GR area).
I have a subject property under contract. The short version is we found out Friday night that the group we were assigning the contract to at closing wasn't as stable as we were lead to believe. (Shame on me for not getting earnest money). Basically, it's come to light that they don't have the funds to execute on the assignment contract.
Closing is set for this coming week Friday, and I'd like to do what i can to not leave the seller hanging. Most of the leg work has been done. (needed final appraisal and funding.
Quick version:
ARV: $260,000+
Lite Rehab: $5000.00 - $8,000.00 (Really just cosmetic - Paint, minor updates...)
$2000 / month holding cost
Conservative 120 day window for lite rehab and closing - Most likely much shorter
Net profit: $30,000 +
Closing is this coming Friday (15th)- most title work has been completed.
Wholesale: $198,000 (Low risk / short term investment)
Here's the ask... I've contacted my hard money sources from Chicago, and one should be able to execute; however, I'd like to work with someone local. Any recommendations, or know anyone who would be interested in wholesale purchase?

ARV: $260,000+
Lite Rehab: $5000.00 - $8,000.00 (Really just cosmetic - Paint, minor updates...)
$2000 / month holding cost
Conservative 120 day window for lite rehab and closing - Most likely much shorter
Net profit: $30,000 +
Closing is this coming Friday (15th)- most title work has been completed.
Thanks, and look forward to "paying it forward" by helping others in the area when I can.
Cheers,
Jacques