Should I Tackle This
Well I had offered to purchase a sellers house a couple months back. The house is worth about $78k. There is a first for $45k and a second for $40k. I originally was going to offer the second $5k and hopefully buy the house for $50k total. I was going to close on it myself and retail it. Well one of the sellers backed out at the time. Now they told me they want me to try the short. The problem now is that I got all the money I had planned on using for the short tied up in a rehab I just bought. Plus my wife quit her job to go back to school so I dont know that my original idea of buying and selling would work anymore. Would I be wise to still attempt this or should I not bite off more than I can chew here?
Thanks.
I would attempt a short sale and flip the house to another investor. I have a fellow who has unlimited cash available for such deals.
Well I certainly thought about that. My only concern is not being able to find someone to flip to. I am sure one they accept the short I dont have alot of time to flip.. Thats really my only concern.