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Updated almost 2 years ago on . Most recent reply

User Stats

10
Posts
5
Votes
Max McDonald
  • New to Real Estate
  • Grand Rapids, MI
5
Votes |
10
Posts

(Newbie) Potential wholesale/creative finance opportunity

Max McDonald
  • New to Real Estate
  • Grand Rapids, MI
Posted

Hello BP community. This is my first post and have been reading a lot about various REI strategies and have landed on wholesaling as my gateway into buy and hold rentals, due to lack of startup capital. I have noticed a vacant duplex, near my home. Info that I have obtained thus far:

- City stickers on the doors for being vacant and water shutoff notice

- Purchased 07/2016 for $135K; FHA mortgaged for $132.5K

- Partial Claim Mortgage of $11,528 issued 09/2021 to catch up mortgage payments

- Certificate of Forfeiture from county issued 04/2022 for delinquent taxes

- Tax bill was paid in December 2022 by mortgage company ($0 currently due)

- Water account has $775 past due, as of last bill date 02/28/2023

- The duplex has a shared carport with an identical looking duplex next door (different owner), which has holes in the roof.

I used a free skip tracer to find a number for the owner but wanted to get some advice from seasoned investors on how you would approach a situation like this, as newbie?

Thanks,

Max

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