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Updated almost 2 years ago,
(Newbie) Potential wholesale/creative finance opportunity
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