OfflineI really don't know where to start. I am a 20 year college student that doesn't have credit and a little money to my name. All I have is desire and hope that's it's enough to get me started. I would really appreciate any help or tips along the way from you guys...Well the JOURNEY STARTS NOW!!
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Thanks for the reply! I've been reading your town your real estate profit for the last day non stop. I have so many ideas and so much ambition built up it's amazing. I just want to thank all you guys on the board that give people like me MOTIVATION.
Today I posted 6 ads on craigslist saying that I need investors. The good news is that I received 3 calls and took their names,numbers, and their preference for what they want. My cousin has a house that is close to foreclosure and wants to sell it the problem is she has no equity so i'm lost on how to do the assignment.
The house appraises for 100,000.
Does your cousin owe on the house? The a couple options I can think of for you: Do a sandwhich L/O, subject-to, or short sale.
Sandwhich L/O's are better because you can sell the house in 2 years and make $ up front and along the way to the end. Subject to (subject to the existing financing) deals are good to make into a rental home. It's pretty much the same as a mortgate assignment, just different paperwork. Short-Sale may/may not hurt the credit, and may make irs count the forgivable income as income on next year's taxes, unless that has changed. And, short sale can take a while to approve. You could also try to have a 5 or 7 day "auction" on the house, to see if you can get more than appraised value, and then get the seller to pay you a marketing fee if it closes.
The house appraises for 100,000.
Yes, she still owes on the house. So is it not possible to lock it in under contract and have a buyer buy the contract? Where would we run into trouble?