What could I do with this potential deal?
Hi,
I've been contacted by a motivated seller who wants to sell 2 houses for the outstanding mortgage ($40,000 for both). This is in a town which is about 100 miles from where I live and is not somewhere that I invest or look for deals.
One of the houses looks promising. There are no recent comparable sales in the street but sold prices nearby range from $60k - $90k. The other house is in a not so great area and there are plenty of houses for sale $20k and under. Apparently the mortgage is on both properties so the seller wants to sell as a package.
I'm not interested in rehabbing or buying/ holding in this area so would rather pass onto another investor. Rent for one of the houses is approx. $500 per mth and the other $450.
Does anyone have any suggestions on how they would approach this deal?