Posted by luke-NC on July 01, 2002 at 24:07:00:
Are you planning on paying the 10k in arrears yourself?
Once you do that, thats the profit! Unless you want to hold this property…
You may have a hard time finding a retail buyer in such a short amount of time. In order to make this work, you’ll have to find a buyer with a good down payment since most note buyers won’t buy this type of unseasoned note without a big discount.
You could try and sell it retail for the payoff amount, then take a 2nd for the difference and sell the 2nd to a note buyer at a big discount…
It doesnt look like you have much room to work with here. But, i wont say its impossible!
The best deals from my experience are the ones where you get a home at around 0 to 70% of FMV. Leaving you with plenty of room for holding costs, repairs, and profit…