Hi Team, we have a $129K property ARV $161K

[Winston Carter]

Hi guys could someone please help me on this potential deal. I have a house in Houston, seller is quite motivated for personal reasons. She owes $129K ARV is $161 (appraised). It has been on MLS for 90 days and was going to be a short sale but financing fell through. I will do more research on rents in the area. I am a newbie wholesaler and don't know much at all about subject to's and wraps which I assume this deal would have to be. any insight would be appreciated.

[Eric Tait]

This looks like a "subject to" deal, the key for that is either someone who wants to live there or rent it out.

For the subject to rental side - knowing the rental rate in the area is key. Without that, you cannot compare what the all in monthly payment is with the market comp rent to determine if your potential investor is making any money or not.

You also have to get the seller's mortgage statement to determine:

1. What is their all in monthly payment.

2. Are they in arrears and if they are, how much will it take to bring them current

3. What are the terms of the mortgage (fixed rate, arm, time left on the mortgage, a balloon note etc...)

I can no longer speak intelligently about wrap sales because of the new laws that have taken effect and I have not kept up with them.

I hope this helps.