Posted by Heidi W on January 08, 2003 at 15:07:15:
How much does he owe on the note? What’s the interest rate? Who holds the note? (bank or private investor/owner carryback). What’s your exit strategy?
potential wholesale deal - Posted by dev
Posted by dev on January 08, 2003 at 15:01:26:
Hey all
Hopefully i have my first deal here. here are the facts. A guy wants an equity buyout on his property. He wants 14k equity buyout on a property that appraises for close to 60k and he wants the buyer to assume the note of $333/month. It is a non qualifying and he says the house will be paid for in 7 yrs. It is a 3 bedroom 1.5 bath, corner fireplace, covered patio, brick and vinyl siding. This sounds like an excellent wholesale deal.
Please respond
Re: potential wholesale deal - Posted by Redline
Posted by Redline on January 08, 2003 at 15:09:57:
How much is owed on the house? Unless you want to wait 7 years to get paid (or rent it in the meantime) you’ll need to know. Also why wholesale, and not retail? (for him and you)
The fact that it’s “appraised” for close to $60k also means nothing, you need to have solid comps here to tell you what it’s really worth.
RL