Posted by Joseph Zimny on September 07, 2003 at 20:47:40:
What part of the country are you in? I have flipped several properties in the past few years. I typically use a number of techniques. In some cases, if I’m confident I can move a property, I simply purchase a 60-90 day option from the seller. This requires a bit of earnest money but doing it this way saves me time. If / when I do sell, I do a simultaneous closing, which is very efficient.
I have also used the lease/option technique, which gives me the right to either assign the lease or sell the property out-right on another L/0.
I have also simply purchased a property out-right in the traditional fashion and then sold it again within a prescribed period of time.
The point is that you can use many different techniques to gain control of the property for a limited period of time you feel you will need to quickly sell. However, you must ensure that you have an ‘out’ (the option) or are willing to hold the property in the medium-term (L/O) if the property doesn’t move.