All Forum Posts by: David Roberts

@Chris Seveney

1. Yes, he was behind several months on a small loan, but the house was flooded a year or so ago and he was going to walk away, so I was trying to intervene to help him out and flip the house.

2. Yes, title did show some discrepancies that he wasn't even aware of, so we walked away from the deal.

3. Yes, the total payoff was 35k, ARV 115k, 50k Repairs. He was willing to keep the house and we get him current on the mortgage, then after rehab sell the property and he take a small amount and I net my 10-15%.

I appreciate the reply. I agree its a bit risky, but as we uncovered..there were old tax liens on it which made it not workable.  After all, that is why I am even in the business, to make money, have a little fun, and help other where I can. If I can achieve all of those in each deal.. I'm good! 

Has anyone ever done this.. Need advice.  We are trying to help a homeowner that has a flooded home and wanting to walk away but kill his credit and be foreclosed on.

1 Seller Finance 

2. Owner Holds the note

3. I would agree to pay late mortgage payments and save owners credit and stop foreclosure.

4. I would pay for the rehab

5. We would sell after rehab then split the profit based on an agreed amount/%.

How would you structure this contractually?  Any legal issues you can think of?

Thanks in advance!