Originally posted by Jon Holdman:
If you buy it subject to, can you handle the payments for a few months? If so, buy it subject to and look for a partner for the rehab.
Could you move into it for a couple of years? Buy it subject to, move in, get a HELOC to fix it up, then sell in two years. You get the exclusion on a primary residence, and it will be easier to get the HELOC.
Or, perhaps you could live there for a few months, then do a cash out refi to pay off the old loan and give you cash for fixup.
If you don't want to move in, then a partner or possibly a hard money lender could help you out.
I spoke to him and he said that his name and his niece and nephews name are all on the Land Trust. He said he would allow me to buy it subject to. Then I would have to find a hard money lender because I don't want to move in; it was in horrible shape and I don't see how he was even living in there.
But,what if I can't find a partner with experience to do a rehab, couldn't I wholesale it?
By the way, he said he found out his sale date is in Oct. 2009.
