Posted by David Berge on June 01, 2000 at 19:01:04:
Shanesa,
Never, put any money into a house that you don’t have title to, period! I would try to flip this property like you said you were going to or if repair isn’t that great why not try to get the house subject to and then sell with owner financing or lease option the thing out!. You can get some nice upfront money and have a nice cashflow if structured properly
David Berge
Rehab or not to Rehab, that is the question. - Posted by Shenesa
Posted by Shenesa on June 01, 2000 at 13:55:59:
Ok you guys, I have another issue I want to bring to the table. First, thanks to all who had given such great advice on my hardmoney issue. I have a house that is under contract, I don’t plan on holding it or getting a mortgage in my name, credit is crazy,. Anyway, I have two options: one is to advertise it in the paper and look for a buyer to flip it to. Two is to fix the house up which will only cost me a couple hundred $'s. But if I put my money into the house and let’s say can’t find a buyer to close within the 90 days, than the owners would benefit from the work and money that I have put into the house to make it more attractive to the buyers. What advice can you offer me to stucture this so that if something doesn’t go according to plan, then I can get my money back. I will be working with a partner who is willing to put up some cash and help with the repairs and i know that they are not into loosing money. Should I take the chance and ask for an extended time in the contract if the situation presents itself. I beleive I may have answered my own question. Gee, I love brainstorming!!!