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Updated about 16 years ago on . Most recent reply

Account Closed's profile image
Account Closed's profile image
Account Closed
  • Real Estate Investor
  • from Jacksonville, Florida
  • Member since Dec 4, 2008
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • Real Estate Investor
  • from Jacksonville, Florida
  • Member since Dec 4, 2008
Connect
Account Closed
  • Real Estate Investor
  • Jacksonville, FL
0
Votes |
4
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Wholesaling

How would you structure this deal?

Account Closed
  • Real Estate Investor
  • Jacksonville, FL
Posted

I had a homeowner approach me wanting to sell his home. His first mortgage is behind. Owes $52,520 first mortgage, $660 payment. Second mortgage $26,775, $275 payment, Current.

2 Story, Built 1900,
4 BR, 1 Bath, 1,950 Sq Ft.
Detached garage,

Assessed at $80K
Needs $10K repairs
Rents in area are $550 to $700

Should I bother trying to help this homeowner. There is no equity. Received a letter to cure by 2/4/09.

Any ideas?

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