Wholesaling
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 9 years ago,
Is this deal too personal
Hello BP, as you may or may not know I am a new investor with little experience looking to make my bones this year in real estate investment. I've been reading everything i can get my hands on;
books, forums, Q&A, and listening to several real estate podcasts.
I recently received a scholarship with a local real estate mentor, who I know will propel me to the next level, and help build the foundation I need to be successful.
I've written out my goal of 10 deals this year and have been sharing it with everyone I know. In doing so I was solicited by my mother in law for advice and help. She owns a multi family property for over 20 years and due to life, she finds herself with her head under water and no longer has interest in being a landlord. I'm currently renting out one of the units. It is an excellent property with prime location but it is a fixer upper. To the right investor it would be an amazing buy n hold.
I personally am not interested in this as a buy n hold and I currently do not posses the knowledge and resources to fix n flip it. In my research I've found that wholesaling this property would be a viable option in this situation.
My question is this, being that this acquisition can't simply be business due to the personal relationship I have with the seller, should I feel guilty in capitalizing on her situation even tho I will be helping her stay out of a foreclosure. At this point a short sale is her only option and I don't intend on getting rich on this one deal I am more interested in the experience and it was her who came to me for help. I explained to her my plan and the potential outcome and she seems ok with it but I don't want this deal to be thrown back in my face later in our future.
What would you do BP??