Dean, Looking for some advise, I have an opportunity to purchse a home before foreclosure, owner is ready to walk away, I'm in the middle of refinancing my home & will have some cash. her loan is not assumable according to bank, they want $12,000. prepayment penalty. I can purchase home for $462, she owes $450, w/prepayment, value now is $540, last yr value was $680, Im a contractor & recently did over $60, in improvements on this house, (term. work & windows ) She has run into financial problems. I also consider her as a freind & would like to help her as much as possible. I know i cant get a loan on my own, they would want 30% down, i may have someone who would be willing to use there credit ? & someone else who may loan some $ for investment. Do you have any advise for me,
I believe she would give me a quick claim deed if any benifit, Ive been trying to do real estate for many yrs but never did anything do to fear ? now that I've read your book, i'm going for it you've giving me the confidence i needed.
Owner also wants to rent it @ $2,000 mo.
Please advise thank you jeo