Posted by Curt(sdca) on April 21, 2000 at 11:54:12:
My intentions are to either
1- Flip it (I think I can get 160, but my question is with the cost of selling holding etc. can I make a profit and is it worth the risk?)
2-Lease option with an option to buy in a year or two with me carrying paper. Is this a ok idea carrying paper,if I recieved all my money back from the deal and carried 30,000? (I figure my payments would be 1,300-14 per mo. including insurance etc.)
3-Rent it for 6-12 months and sell it since the market in san diego is appreciating like crazy, some areas had a 40% increase in home sells with something like 13% median increase. The drawback to keeping it for a year is that I would have a negative cash flow of anywhere between 200-300 monthly…
As far as myself financially and credit worthiness my wifes and I credit scores are 700+ and good incomes I also have to other properties one being a rental (which has appreciated about 40% since we bought it last april which is what really gave me the itch. and an owner occupied residence.)
I will need to close a somewhat short escrow 2-4 weeks due to her 1031.
Also does anyone know of any 90% non owner occ. where the 10% can be gifted/owed from a family member or collateral or borrowed $$ on another house,