What To Do
I need some advice. My brother is a mortgage broker and he knows a lady who wants to get rid of a house. All she ask is for 25,000 out of a deal. They are trying to refinance. My question is what would be the best way to, if any to, help her? The house is in pretty good shape, i'm not sure about repairs if any. And what about referral fees if any? Are'nt referral fees some what like commission? Don't you have to be licensed? Just some thoughts any help would be appreciated. 
Check into the deal. Figure out the address, get in to see it, figure out what repairs are needed, decide what you want to do with the property (rent, rehab, etc) figure out what it is worth to you, etc, etc. You can pay your brother some cash as a gift for the referal fee. Since it is your brother you can he can trust each other.
The house is in good shape. No repairs and it already has renters. She has a loan and wants to refinance then sell for around $200,000, houses in the area go up to 250-260 some even near 300. To me it seems complicated because she wants to refinance. Is this good or bad to refinance again?
Can't she get $25k if she just sells the house to you? That seems like the easiest way. Also, how much are the renters paying each month? You wanna make sure you have enough to cover all expenses if you do buy. I have a similar deal going right now where the rent will not cover my expenses and I've got the renter for 3 more months. I plan on closing early in the month to gain some cash with the prorated rent. This will carry me through the 3 months. I'm gonna raise rents by using a lease/option to be sure that the income will exceed the expenses of the house and put some quick cash into my pocket by asking for $10k down with no qualifying for the buyer. Just be sure you know the complete situation and the options that you have before you dive in. Hope this helps. Good luck.[ Edited by cmyke on Date 12/29/2003 ]
Thanks for the advice.
Keoni