Investment property with zero? - Posted by jeff
Posted by jeff on October 25, 2000 at 19:10:45:
Here’s my scenario and I’m looking for opinions.
My brother wants to sell his condo. He wants ~ $10K from sale. I have an individual that has a good job, but some credit problems from a divorce. She likes the unit and would entertain a lease option for 12 months.
My brother lives in a different state and just wants to sell it. I feel I can buy it from him and take the lease option and turn some cash. My need is to get in with as little as possible. Preferably zero.
I can buy the property for about 68K
The lease option will be $1000/mo for 12mo. with $200/mo going towards acquisistion if exercised. I will sell for $80K next year.
I have A+++ credit and a very low debt ratio(15%).
Help me you creative gurus in the sky.