All Forum Posts by: Account Closed

Hello Bigger Pockets family , I have a situation concerning a quit claim deed. Homeowner is in pre-foreclosure but has quite a bit of equity in home. I am going to put minor rehab on property and sell the home at market value and split the profit from the sell with the owner. To protect myself I am having the homeowner quit claim the property to me as I will be the one catching up the note and sprucing up the home to list on the market. I would like to know if the quitclaim deed is the proper method to protect myself and what, if anything you would do differently in this situation.

I need your advice BP. I have a homeowner who owes 46K on her property . She is in preforeclosure and the home is worth at a minimum 130 K. It's a nice home. She wants 30 K on top of the 46 she owes to walk. What would you do in this situation?

Ok BP I need your help on this one. I have a seller in a historic district in New Orleans and the property is in a great location and I know it can sell for at least 200-225K ARV. The home is a double approx 2700 sf and her son lives in one side and the other side is vacant. No structural damage just needs some TLC. People have been making offers on this home day in and day out because historic homes in New Orleans are HOT Right now. The demand is a lot higher than the supply. Comps in the area are going for 225-300K. The seller wants 100 K. I tried to negotiate a deal where I rehab and give her the 100K on the back end (of course I would've negotiated less than 100 K before the purchase agreement) but she wouldn't budge. She wants the 100 K and wants out and she knows the value of her home. Title is free & clear. An investor could stand to make 80-90 K but I just can't see how I could wholesale this deal. Seems to me this would have to be a rehab. What would you do in this situation??

Hello BP family, I am writing you because I believe I am on the heels of my first wholesale. I would like to give some specifics and maybe you can give me some advice on whether this sounds like a go or not.

The home is a 3 BR 1 BATH and it is very outdated on the inside. needs some work to bring it into the 21st century. it has no central A/C. and has an add-on to the home in the back that is very amateurish. The sq ft of the home is 1550 sf. The home was assessed at 130 K by the city. the home owner is a motivated seller and was asking 70 K. I got them down to 50 K. The home is in a fairly decent neighborhood less than half a mile from a good high school and that property is on the corner of a main street and can be zoned commercial or residential. Please BP community tell em what you think before I put this home under contract.