Re: Deal gone sour - Posted by B.L.Renfrow
Posted by B.L.Renfrow on July 09, 2003 at 02:02:39:
It’s not clear from your post whether you’ve actually taken title to the property from the previous owner, or whether you’re simply asking if this is a deal.
If you’ve taken title, you’re going to have to live with it and make the best of a bad decision. The advice below to walk away is inappropriate if you’ve already purchased the property and told the seller you’d solve their problem.
If you haven’t agreed to purchase yet, then I’d look for a better deal. If you HAVE taken title, then you’re going to need to find a way to make this profitable. It’s unlikely you’re going to be able to flip it to another investor, as there just isn’t any excess fat on the table here. But you might be able to mark up the price a bit – especially if you’re in an appreciating area – and offer a lease option or a land contract. Either one of those should allow you to charge a bit above market rents also.
Remember to keep in mind for the future that just because a seller may be willing to give you his house doesn’t make it a good deal.