First Wrap and LC deal

[herbster]

Hi Gang,
I usually do the Owner Finance and Note Broker thing but I have come accross a potential good deal to flip.
People are moving out of state, they owe 65K on a remodeled 3br home.
They're asking 105K but thats to high.
I was thinking of offering 82.5K on a Wrap, then re-selling with a Land Contract for 100K and selling the Note ASAP. I can structure a Note for 85-90 cents on the buck and pocket 5-10K.
Any advice or opinions on this?
Thanks, herbster:question:

[herbster]

WOW no replys! Well me I'll reply so you don't feel bad.
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[Debbie]

Herbster,

What's with you today?

If I knew enough, I would've replied. We know plenty but not everything.

[Michael Quarles]

It wouldnt be enough spread for me

Also I wouldnt allow a wrap by the seller.. Put them in second position.. If they get weird you only have to pay them their share to get rid of them where with a wrap youre stuck with them until you pay off the wrap.

[herbster]

Awe schucks Deb, I'm sorry. I've had a bad week and I guess I let my profile come through.
Thanks Mike I agree, its just that this place is right down the road and I know I could turn a quick buck.
thanks herbster

[Debbie]

It'll get better, Herbster. You can't stay down long. Look at it this way---your bad week is now over. There's a new and better week coming up. :SM082: