Posted by John P. TX on July 23, 2003 at 19:52:13:
Ever thought about asking the seller to finance…um er I mean “spread out” the cash portion, then Immediately put the house up for sale or lease option for 65,000 owner finance take a couple of thousand from the new buyer plus enough to make your payments. could put a few dollars in your pocket now and maybe some on the tail end. but more probably you will control this property make your real cash re selling or lease optioning over and over. Save the 10-15k in repairs…people who can’t afford to finance will sometimes pay market for a rundown place then fix it themselves. Just a thought
Good luck -John
I have the opportunity…actually i put a house under contract subject to the existing mortgage plus some cash. The cash amount has changed from 9k to 7k and the outstanding loan is about 43k. The house needs about 10-15k of work. Everything from asbestos siding to a new furnace. all said and done purchase and repairs as you can see would put me into 60-65k which is basically all the house could sell for where it is located. Myself, i’m not interested in rehab work but is there anyway to make this profitable? or should i just drop it because the inspection doesn’t meet my approval>