hey everybody I'm a newbie and looking for some advice. I have a very motivated seller that is leaving the house no matter what on the 20th. She is asking for $4000 cash and she doesn't have time to try and sell it. She owes 111,000 on her mortgage and there are very strong comps in her neighborhood for 185,000+. It needs about 20,000 in repairs and a realtor said they would put it on the market for $144,000 for a quick sale but she refused. I was wondering what my options are.
I'm considered buying the place sub2 her existing giving her $4,000 and taking over payments. I don't know all the details of her financing yet as I was just told this by a fellow employee a couple of hours ago who knows nothing about investing (she is his next door neighbor). I was then going to fix it up and try to sell it retail for a profit. What do you guys think I should do?
I have never done a sub2 deal so I don't even know if I would be able to do this. Any advice would be greatly appreciated.
Thanks,
Phillip Elliott
