Posted by James Strange on August 16, 2003 at 11:39:29:
If you want to resale it have him give you an option to purchase and find a buyer. To buy and then resale will eat up a lot of your profit and give you a seasoning issue.
What would you do? - Posted by Vince
Posted by Vince on August 16, 2003 at 10:58:52:
I have a relative with a 3 unit building that he wants to sell for 450K in a great neigborhood. Although it is really worth 470K according to comps. His goal is to get the equity out to funnel to another business. I would like to purchase it and perhaps resell. What would you suggest I propose? The building has a positive cash flow of $700. The mortgage balance is about 280K. Tell me what you think.
Extreme Newbie,
Vince