-Gabe A flash of the obviouse, Will is right on, just a bet.

Tom, with that big of a profit spread for the wholesaler, you can bet the buyer will take issue and most likely think they are being scammed.I would highly recommend a double close for this one and while I agree that transactional funding would cost some money, the spread is so large on this deal it is well worth it to the investor buyer, especially since the purchase is only $27k, the fees should be under $2k.

In addition, if your EMD on an REO in CA is only $250, you can bet your bottom dollar you will either be last in line, looked at under a microscope, and/or get countered for a larger EMD.

I'd bet you'd get hung if something bad happened, so a liability issue could be lurking there.

I'd bet 2 years tops......

I'd bet it hits that right before that guy in the "Lambo thread" gets his wish :D

The best bet out of all this would probably be a short sale, but since your friend appears to be a non owner occupant that may be difficult.

Best bet is find a successful real estate wholesale company and go to work for them.

I really don't know how these "we buy gold" companies make money or how their business model works, but I bet that they have some extremely clever way of arbitraging the jewelry of those in need vis a vis their knowledge of futures markets.

The challenge was coming up with the remaining funds to purchase the property even if you could assume the existing mortgage.To put some simple numeric examples:Purchase: $100kDownpayment: $20kAssume existing mortgage: $20k (because it's probably been paid down for 20+ years).Funds to close: $60k (plus closing and rehab costs).No other lenders will look at funding the $60k it because they'll want a 1st mortgage position.If the numbers work, best bet is to obtain financing for the purchase and pay off the assumable loan.