Posted by michaela-CA on July 08, 2007 at 09:15:09:
Maybe you can do an equity split lease/option or agreement for deed. Have them put down a low amount, have plans on how the rehab is to be done. You will approve the work in stages. They have to be able to do the work or hire others out of their pocket. Set up the time table for the time that each project needs to be completed.
They pay you monthly rent/mortgage. When the property is finshed it’s either being sold or refinanced, with each of you getting half the profit.
Michaela
What is best way to unload this prop - Posted by joe
Posted by joe on July 08, 2007 at 07:48:36:
Major rehab and addition. Keep getting screwed by contractors.In future will just do cosmetic jobs.
Here are the numbers.Not really looking for profit, just wanting to end this nightmare.
paid $140,000 cash.
So far put in $45,000,bulk of finishing material paid for, on will call at Home Depot. Buyers will need to spend about $2000 more on materials, mainly appliances.
Drywall,flooring,stucco,etc. paid for,just need labor.
ARV approx. 285,000
Getting many calls from Craigs list. So far all have troubled credit. I really don,t need the $$$ at this moment, but may in future.I’m thinking financing myself,open an equity line to have access to the cash if needed.Or would a lease option be smarter?Was thinking minimum of $10,000 from buyers up front so they have something to lose,is this enough, in addition to them finishing project.
Also, the market is VERY slow here in Palm springs