Posted by dewCO on November 18, 2000 at 20:55:35:
The idea makes sense. Dont’ know until you try if the people already living there want to stay. My guess is they may not if it’s less than desireable. Try to get a little better area maybe if it doesn’t work here.
Does this make sense?? - Posted by J. Cummings
Posted by J. Cummings on November 17, 2000 at 08:12:40:
I am interested (I think) in optioning duplexes in less-desirable areas of my city to gain control, then trying to get one of the current tenants to buy on a lease with option. If they are willing to go ahead with the L/O, then I can use hard money, seller carry-back, or other short-term financing, or even sell the option to the current tenant. If they are not willing to do the L/O, my max risk is the option premium.
The duplexes are available for less than 20k, and I can find several that are currently occupied. I also know the sellers are very motivated and just want to get out.
Any thoughts??
Thanks a lot for your suggestions,
Jon Cummings