Flipping a property - Posted by Steve
Posted by Steve on May 26, 2000 at 20:33:49:
I am ready to embark on my first deal. I have learned of a property for sale that should typically sell for about $410,000, but because it has no garage or carport it is still on the market. Garages in Arizona are important and the area where this home is located, 90%+ of all the homes have garages.
The owner has about $200,000 equity. I do not know how much cash she needs. My understanding she has already bought her new home in her sisters name.
I would like to buy this house, which I may be able to do for a minimum of $350,000. I want to add the garage, approximately $20,000, and then sell.
How should I structure the deal. Could I add the garage while in escrow and double escrow the house? Or could I use an option technique re-list the house and sell it with a garage to be built to the new buyers specs?
Hope someone is there who can help. Thanks