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Updated almost 6 years ago,
A friend of a friend who needs to sell her property
I have a motivated seller, ARV is 130k, repairs unsure (sounds like cosmetic and a bit of electrical work) but she has 2 mortgages on it.
Mortgage 1- 79k, payment 940
Mortgage 2 -18k, payment 226
Market rents are about 1,000.
I'm not looking to assign the contract, I'll do the work myself, I'm expecting about 10-12k in repairs but I'll confirm when I go on site with my contractor.
I have set the expectation that my offer won't be high enough to cover both debts and she wasn't surprised. Said she might want to liquidate her 401(k) to get rid of the second lien.
She isn't looking to make anything, but can I help her at all?