Deal to bail out rehabber… - Posted by Tiffany (MA)
Posted by Tiffany (MA) on March 09, 2001 at 08:50:36:
There’s a deal or maybe not that I came across where a rehabber listed his duplex property with an agent. He had a construction loan at a really high rate, not sure how much. House got tied up for 3 months by a buyer that did not perform. Now the deal is so skinny for him that at most he’ll make 10k if he gets full asking price. Is there something I a can present to bail him out and most importantly make some cash. Agent says he’ll lower the price for cash. He’s asking 259,000. I can expect rents of 1500 and 950 for the two units. Thats not including vacancies and op expenses. Guy & agent are desperate (agent keeps calling me)so wanted to see if there is anything I acn work.