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Preforclosure Contract???

mettinvest profile photo
  • Friday, October 17, 2003 @ 08:59 PM EDT
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The owner of the property just wants me to start taking over her payments (including this month) and then just give her a bit of the profit after I rehab it and sell it. Q#1. What kind if any contract do I need to write up? Q#2. What is a fair percentage for her as she is not asking for anything now. Thanks J
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  • DaveREI
    DaveREI17th October, 2003
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    Preforeclosure, rehab, back payment, including this month, and they want a piece of the profit..... You are stepping in to save it and they want? What's the ARV and payoff now?

  • mettinvest
    mettinvest17th October, 2003
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    First of all, sorry I just realized I'm in the wholesale forum instead of the preforeclosure.

    The payoff amount is 92k and the ARV is 138k.

    -J

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