Can Someone Give Me Some Adive (part 2)
This is the continuation from my last post...He gave me the numbers.
What hes owes: 435,000
the house is worth: 475,000
NO REPAIRS..
hes 2 months behind= $5000
Remind you im going to wholeasle this deal but i want to know is this worth going after.. to me it seems a little to tight to squeeze any money out of this deal...
i was thinking about waiting until the person is in default and try to short sale this but would the bank work with me since the house dosent need any repairs?
thanks for thanks help...
I think that it's too close to squeeze cash out of this deal. It may work but you may see less than ten grand after the closing. Im no seasoned investor but I like deals where I can get at least twenty grand at closing.
yasmineyoung maybe we can do some business together shoot me an email...
Focusonmoney, I sent you a private message because I could not email you. I left my personal email. You can also PM me I am online and will be all evening looking for answers to my questions.
I wouldn't chase this, personally. If the house sold for $475,000 you'd have to pay an agent 28,500 (if you used one). That's not even counting the closing costs - which you'll pay when you buy and when you sell. The reward is simply not worth the risk. An analogy: when your playing poker and you're only holding a pair of Jacks, would you bet your whole paycheck on it. I would hope not. Nor would I plunk down $435,000+ for a chance to make a few thousand. Definately go for the short sale.