Offlinei am planning on wholesaling this property. I am planning on locking it down today this afternoon, and assign it to an end buyer for 2,000. I went to see the property and I was not sure how much the repair values might be so I called in a floor guy and a contractor to get an estamate, but then the seller told me that the property has a lien on the home. The property was owned by her mother, but went to nursing home five years ago. She passed away three years ago, but since the state had to pay for her mother to stay in the nursing, she is now stuck with paying the debt under this property. She is selling it for 35,000, which is more than what she owes. I haven't got an ARV on the property but is a 2/1 in one house which is her mothers house, and she also has another house which was used as a rental, but it a rundown and needs a full fix.
I think I have it down, but I want to be accountable and hope that some of this info can get some ideas out of you dgers to see what you might do different. I haven't done my first deal yet, but I did get half about three times in the last three years of watching dean, but then last Monday, it felt like dean was scolding me to take action.
PLEDGE ALLIGENCE TO THE SWAG
but I think you can call the title company to see how much the lien is for.
I cannot remember where I heard this, but I think you can do a "subject to" the title liens being payed off. If that cannot/will not work, as long as the numbers are okay for your end buyer it could still be a deal.
"The man who acquires the ability to take full possession of his own mind may take possession of anything else to which he is justly entitled."
-Andrew Carnegie
"Man often becomes what he believes himself to be. If I keep on saying to myself that I cannot do a certain thing, it is possible that I may end by really becoming incapable of doing it. On the contrary, if I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning."
– Mahatma Gandhi