Need advice with two potential deals

So on the first deal: he owes 109 and what is the house worth?
What do you think it would rent for? Is the payment of 730 include Principle, interest, taxes and insurance? If so and it will rent for say 1000/mo I might take it over subject to the existing mortgage, then rent it for a few years or assign to end buyer investor for 3k, 1k to seller and 2k to you.

Second deal: What are the terms? You either want a great price or great terms. How much down? Figure out the terms and assign to end buyer for more down than what they are asking. If they want 5k you ask end buyer for 10k then assign the contract.

Sounds like you need more info. Good luck!

1. He might not be able to walk away from it and if it is upside down, his immediate option would be to short it. If it is, no bank will fund it. You can try and assign it and put your fee on top of whatever he wants, but in the condition it is in, you're in an uphill battle

2. Tax worth means nothing; they are either over or undervalued. Never on point with reality, which are the comps. Get the comps, and find a median price, but you also have to find out the amount of liens. Those must be taken care of first and foremost.

It seems to me a big headache. I'd think very quickly about moving on as if this is a little above your experience, you'll be wasting lots of unwanted time.

Hope this helps

I have a end buyer lined up for the first one he want properties that he can take over the payments that is why I put the ad out there to get these type of motivated sellers! This is what he looking for! So I just get the house under contract and assign it over to him! When I told him about this deal he said it sounded good but what if he would file bankruptcy! That is why I posted it here to see what my fellow dgers think! I not going to lie the is unchartered waters for me but like Dean says you got to take action! So do I put it under contract for the 109,000! What contract do I use just a regular purchase agreement to lock the property up! Also he has no liens on the property and he is not behind on the payments! The house is worth 75,000!

The other one with the owner financing I've written the agent back and told her earlier today that she hasn't giving me any information! Can I write up my on terms if so what is it that I need to write up! Because she gave me her fax# after she ask me if I had a down payment!

Deal one = Waste of time. $34,000 over value plus any repairs! Move on!

Deal two = Can't answer, no information provided.
What is actual ARV. What will the property actually sell for
What are the rehab remodel costs?
What is the down payment. What are the terms ( how many years, interest rate?)

Then we will have an answer for you!

Michael Mangham
MD Home Acquisitions LLC

This isn't a deal you want to get involve in, Don't walk but run from this one!! Deal#2 sounds bad also, anytime you start dealing with money liens against property,just a can of worms there, another one to run from, there are plenty of good deals out there, just keep looking and you'll find a good one or two.......

I meant to say no liens and can't I do a mortgage assignment or something on the first one!

On house 1, that's worth 75k, why pay the 109k? You would want to pay much less than the 75k. Investors want equity. As someone else said, a short sale may be your best bet. You would have to have your seller fill out a hardship letter. This should allow you to talk / negotiate with the bank on the seller's behalf. This is how you create the equity for you or your end buyer. What requirements do you have for your end buyer and work from there.

The original mortgage would have to have a clause in it that would state that the mortgage is assignable before you can assign it. No clause = not assignable.