i wouldn't pay it. they were certainly trying to take advantage of your mother. let them try to take her to small claims court. i can't imagine that a judge would rule in his favor. i would also contact the 'trusted family friend' and let them know what a ripoff their plumber is!

I imagine if I say that I'm not going to sign unless the $7500 is "full and final payment" then they will go ahead and foreclose and auction the place.I may have messed up in offering to pay the $7500 up front.

I would imagine if you find the right seller, theyre willing to get this paperwork handled if theyre truly motivated.

Look at the past growth where the sun shines 330 days, and imagine 400 million residents!

I imagine someone probably learned about that the hard way and is in fact 1 of 6 sub-tenants of the same property.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~But I don't own this forum and don't make its rules...DARRYL DEANAustin, TX WholesalerP.S.I can't really imagine wholesaling in Tampa and not knowing who Preston andPete are!

If they are willing to give you 40-80k at close, I would imagine there is probably a lot more work than that amount will cover.

the insurance regulations for "boarding houses" are insane, and for over 2 years i have been trying to find a better way. as mack said, in nj a house that would otherwise be 600-800 a year in insurance is 4k+ and even then the deductibles for certain things (i.e. water damage) are very high (~2500). it eats up a lot of profit. i always wonder what the 'master investors' (the RE minority who own majority of the towns) do about things like this. the only thing i can imagine is that they say it is owner occupied or that it is being rented by "families". i, too, don't like to take risks with things like insurance so i continue to investigate legit ways to reduce the high insurance costs.mack what did you end up doing?

So here probably it's maybe only attractive to collect a payment from me.That being said, normally I wouldn't have imagined paying a higher rate of interest.

WIth a solid RE background you can, with a little imagination, make money from deals that most of the deal makers pass by.