“Subject to” - “Hard Money” or Wholesale it

[Blaine Kosek]

I feel like these are my only options for this property I’m considering in Southwest Chicagoland.

Looking for help with this decision or any other suggestions.

Deal:

3BR 2 Bath home B+ neighborhood - ARV 190-215k

Owner inherited the property from her grandfather and there is a mortgage of about 85k still on the loan she’s hoping to make 15k. Almost in foreclosure.

100k to buy and 35-50k for rehab.

The grandfather was a hoarder and had dementia. The house is filled with garbage, needs a complete rehab of the kitchen, baths, flooring, exterior paint, landscaping, roof and mechanicals but he demoed most of it already.

Problems

Not sure if “subject to” will cause the bank to pull the due on sale clause because the mortgage holder is deceased.

Hard money

May be difficult to get because I’m a fairly new investor with just a few deals to date.

Wholesale it - I’m a real estate agent with some investors who may buy it but the numbers are getting really tight.

Thoughts?