All Forum Posts by: Breon Smith

also the arv is between $170,000-$180,000 it needs minimal repairs only light mold in a small section of a closet (roof has been replaced it is permitted) and the tear down of the unpermitted work (a wall and kitchen) I was going to market it at $117,000.

Hi BP, I recently walked away from a deal because a seller home was unpermitted to be a multi family ( he also had tenants who were paying $1,150 which they broke their lease ,because of numerous reasons at owners fault) I have a buyer willing to buy but seller doesn't want to drop price any further to what the buyer will be comfortable with, should I continue to see if a buyer would be willing to buy it unpermitted at agreed upon price or move on to the next deal ( owner and tenant both called the police on each other, it was a show) it is a good neighborhood with waterfront homes.

its not cash flow positive with the mortgage, only becomes cash flow positive when its free and clear she wants to sell 3 and a friend has 1 for a total of 4 quadplex on the same street.

Exactly what I've been thinking also, she has 3 quadplex ( 2 vacant, 1 occupied) the occupied brings in $1,980 total thats without the fees and the mortgage is $1,800 so when you minus the fees she's coming out the pocket to pay the mortgage. I'm always trying to help someone when it may be no way to help. Thanks for the advice

ok thanks, I'll talk to her monday, it seems like she's beating around the bush when I ask about the mortgage and how it will be paid off, she keep suggesting it will be her problem, so I'm assuming she will pay the remaining balance,  as if she wants to minimize  what she has to pay off the loan by taking our offer and putting the rest with it to pay off the loan. If thats not the situation then I will walk unless their are other creative ways to get the deal done. thanks

ok thanks, I'm assuming she is willing to bring money to the table, she keeps on telling me to not worry about the mortgage it will be her problem, she also wants me to buy 2 more from her.

Hi everyone, I'm new to BP but always reading posts to get answers and I'm wondering if I can wholesale an apartment (quadplex) if its underwater. The owner says the mortgage would be their problem so I'm assuming they are going to bring money to the table to pay off mortgage (still have to ask if they're willing to pay off rest of the mortgage). She sounds very motivated to sell, she took the first offer and ask if I'm willing to buy more.