Posted by SCook85 on April 14, 1999 at 09:51:43:
Looks like you have a good one there. I would advertise the property as a fixer upper. Let the buyer know that they can save $xx if they do the fix up.
This is what I have in mind. Get the property contracted for $90,000 with $0 down on your end. You pay rent of $1000 per month. Do a L/O to your tenant buyer at $105,000 ($15,000 below market for sweat equity). Take $5,000-$10,000 down and rent it to them for $1250 per month with $100 per month rent credits.
Of course there are variations as far as the amount you can take down, the amount of rent to collect, and the rent credits. This is just a guideline for you. I think this way will work out because you won’t have to do any of the work.