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5kids,

If you can work with low 500 credit scores, I would like to talk with you. I live in Indiana. When can I get in touch with you?

Thanks for your reply. There has been lots of lookers, but you're the only one willing to post. Maybe no one else has heard of this either, or don't want to admit that it is done. Thanks again

Is there such a thing as a forgivable sellers second. I have a home that I am selling for $50,000. The buyer has low credit but can come up with $5000 down. The gentleman doing the financing said he can get an
80-10-10 loan. The house will appraise for $60,000. He is telling me I can raise the price of the home to $55,000 so I get what I need out of the home than I can tear up the sellers second. The buyer is ok with this, but I need to know if this is legal? I don't want to do anything wrong, but I would like to move this property. Any one heard of this?

Thanks for the responses from everyone. There are a couple of things that I failed to mention in my original post. The contractor that I am using is my brother in law. We are going to split the profits from the sale of the house. We will be working together on this project. He is very very experienced and does great work. There will be no labor charges, just materials. Does this change any opinions?

I am thinking about purchasing my first rehab house. I am a little nervous about this and would like any advise. The house is a large 2 1/2 story home in a small town in Indiana. It has six bedrooms on the second floor. The bathroom on the 2nd floor needs to be gutted and redone. The bedrooms just need painting. It needs some new electrical run and the kitchen needs to be redone. I had a contractor give me an estimate on the inside work at $20000. I can buy the home for 20 -$25,000. I am pretty certain I can sell it for around $70,000. If I fix up the outside with new siding and a new roof, I would need an additional $15,000. Then I should be able to up the price to around $90,000. I don't have the money to pay for this out of pocket, so I would like to borrow the full amount if possible. I could have it ready to sell in less than 2 months. Any advise for a nervous newbie?

Do you have to have a real estate license to legally sell a property that does not belong to you? Is it possible to contract with a owner for a price showing you as the buyer? Then find a buyer for a higher price. Any opinions would be appreciated.

Has any one heard of the John Alexander program? I need to know if it is legal in all 50 states. To simplify how this works, I look for FSBO homes, and contract with the owner for a price. I then find a buyer and contract with him for a price. Then I turn the final purchase agreement back to the seller and the buyer. I submit an invoice to the title company for the difference i negotiated with the seller and the buyer. That is my profit. I need to know if this is legal in Indiana? Can anyone help me with this?

Hello everyone. My name is Gary. I'm new to this forum, so I hope to learn as I go. I'm just getting started in Real Estate Investing.