need help with potential deal

[Johnneice Ferguson]

I"m working on my first wholesale deal and had some questions. I found a seller that wants to move into another home using the money from the sale of her home as a down payment. The house was willed to her by her mother who passed away over 4 years ago. The thing is seller never got the property put in her name. Is this something that can be resolved at closing or should I not work this deal due to the property still being in her deceased mothers name? Also the arv on the home is about $60k seller wants $40 but will except less. The home needs about $15k in repairs and I would like to make at least $3k on the deal. How should I work the formula to be good a deal for investors? And what sould my offer price be? Any help would be greatly appreciated.

[Jon Holdman]

Numbers first. Assuming you have good support for the $60K ARV and the $15K repair bill, there's no deal here. $40K plus $15K is $55K. You and the buyer will have some closing costs and you want a profit. Its not there. If you want a $3K profit, you need to be down below $25K to the seller.

How do you know she owns the property? Is there a will? A beneficiary deed? Did it go through probate? If there is some legal paperwork that shows she owns it a title company can sort it out. If not, you'll need a lawyer.