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Updated about 12 years ago,
Closed First Deal on to the the 3rd-Help!!
Hooray. BiggerPockets helped me to find a mentor and close my first deal in Fort Worth. I have a 2nd deal in the works in Dallas but I have a question with my 3rd deal. I have a lady with a property in Alvarado. It is a manufactured home. She paid $105,000 and owes $89,000. She currently has a tenant living in the home for approximately 1 year. He has stopped paying the rent and is 4 months behind. The home owner signed a "lease purchase agreement" with this tenant that is very vague as they came up with it themselves. The current tenant wants the homeowner to pay him $6000 to move out. I have been asked to come in and help. My desire would be to get the current tenant out and wholesale this property to a Real Estate Investor who will fix and flip. It looks like this might be a better owner finance deal since the current home value is $81,230. The owner has not been inside the home in the last 6 months to note the condition. A ballpark figure of estimates based on the owners response to my questions would be $12,000 (mostly septic tank repair, paint and carpet).
Please give me so suggestions?
Cynthia