OfflineI'm new to the whole idea of investing, but am willing to give it a try. I'm currently looking at a home right now in Woodbury, Mn. Great location, great school system, nice place. The current owner wants to sell it and move to Florida. Here's the scenario: He owes $250,000 on it, its FMV is also $250,000. He calls me at least 2 times a week trying to get me to take it off his hands. From an investors standpoint, it does not seem like it makes sense to look any further w/ the property cause he owes what its worth. Am I missing the boat here??? Is there anything I can do to possibly make money off the property?? He has NOT listed it yet.
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do you due diligence and see what comparable properties have sold for. If there's extra equity to be had, see about locking it up with a lease option and assigning it to other buyer who wants to live in that area for a fee. Find out his "magic buttons". Does he need a lump sum to purchase another home in Florida? or is he going to rent for the time being. Find out all the information you can and go from there. God Bless in your real estate endeavors.
"I will NOT BE BROKE! ANYMORE!"
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the Merciful.
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Unless he is willing to take money out of his pocket (tens of thousands) to sell the house by adding the equity, or unless you are prepared to try a short sale (assignment will not be feasible in most cases on a short sale) there is not a deal to be had there.
I would suggest looking at FSBOs and focus only on those with significant equity to find the best deals with the least hurdles.