Las Vegas Wholesaling/Wrap Around Mortgage Opportunity/ Question

[Cindy Lamug]

Hi guys! We've started mailing letters to homes we've come across on our drive and got a response from one interested, out-of-state seller. His situation is that he purchased the property before the market crashed, he owes more than the it's worth ($270k), we think that the property is worth about $220k. He currently has renters, but when they move out which is in about 2 months (estimate) he wants to sell. He just did an full renovation on 2006. We think that this is an opportunity for one of those wrap around mortgages that we've heard about in the podcasts, but we are not fully familiar with this process. Anybody interested? Any advice?

[Christopher Brainard]

Originally posted by @Cindy Lamug:

Hi guys! We've started mailing letters to homes we've come across on our drive and got a response from one interested, out-of-state seller. His situation is that he purchased the property before the market crashed, he owes more than the it's worth ($270k), we think that the property is worth about $220k. He currently has renters, but when they move out which is in about 2 months (estimate) he wants to sell. He just did an full renovation on 2006. We think that this is an opportunity for one of those wrap around mortgages that we've heard about in the podcasts, but we are not fully familiar with this process. Anybody interested? Any advice?

 I have some simple advice - Don't buy properties that have negative equity.

-Christopher