OfflineTomorrow!! While waiting for handymen to estimate repairs on a house today, I made several calls. One was to go see a house that has been for sale for over a year and needs no work, but it was an inheritance so I'm going to do my due diligence and probably make an offer. It's free and clear and they are paying for 2 places. I also called a for rent ad a while back and asked owner if she would sell. She said maybe but she would have to think about it. I called her back today and she said yes. She's asking $30K, so again I'll do my research. She also told me about a duplex that she is selling for $12K. She said she gets $350/unit and one unit has been totally remodeled but the other has not been completed and they don't have time to do it. Her initial asking price was $22,000 but she said since it needed work, she would take $12,000. Hmmmm. wondering if it really needs $10 in repairs. I'll look at it and maybe make an offer on it as well!! I love this stuff...making offers!!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
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Bear with me here, but are you saying have a partner who can do the work during the 90 days and then sell or do a lease/option?
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
He is saying if you don't have the money to pay for the rehab, find a partner who can either do the work himself or has the money to pay to have it done. Have it in the contract that your first pmt would not be due for 90 days and that will give you time to get the rehab done and get it rented. Then you will have the money to make the pmt to the seller.
Then, either sell it for a higher price or since the seller would be financing it for you, you could keep it (buy and hold) for monthly cash flow.
Does that clarify what you were asking?
Karen
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