All Forum Posts by: Larry S Cleveland Jr

Anderson S, thanks for responding. She's (80% ownership) asking for $250K (note she hasn't disclosed the actual loan payoff and amount borrowed against the equity). The ARV is approximately $258K-$262K. She desires to "break even."

She states minor work is needed: covers for a couple of outlets, kitchen refresh, cracked window to be replaced. The roof was redone in the last five years 

The ex (20% ownership) is willing to go with whatever is negotiated. 

Guy's I'm trying to determine the best course of action on a potential deal. The lead came from a divorced motivated seller. The property has an existing mortgage, and the owner has borrowed against the home's equity. The primary on the house is asking for a dollar amount that is not too far off from the property's ARV. She wants enough to clear the mortgage, equity borrowed and have something for her next home. My instincts tell me she doesn't NEED that much but would prefer.

Is this a novation, sub-to, or some other creative finance deal?

Hello Everyone! I'm excited to be a part of the BP Community finally. I'm a Wholesaler based out of Shreveport-Bossier City, LA area. I look forward to learning from you all as I strive to master this element of real estate.