I have spied a property next to one of the REO's I am after. I know from talking to the neighbor about the REO, that the owner selling the house (wants $140,000 / FMV around $152,000) bought the house out of foreclosure (not an investor), and did some upgrades. He got it for around $100,000. I also know that the owner has been recently married and moved out of town because they have had a baby and the Mrs wanted to be "near Momma"...I am falling all over my self at the possibilities here.
This home and the REO I am looking at are the oldest homes on the street (almost new homes line the rest of the street!), and it also has a full sized lot attached to the property!!! I have also found another REO right around the corner!
I am wondering if I should make a move on the $140,000 property, with the RIGHTS to sell the lot next door, or use a Lease-Option with the ability to sub-lease and an "option" for a portion of the proceeds going to the purchase of the lot? I am looking for creative solutions and where better to find them then here?
Thanks All!
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Jon A. Lubin
Investment Properties Group L.L.C.
Birmingham, Al.
I have spied a property next to one of the REO's I am after. I know from talking to the neighbor about the REO, that the owner selling the house (wants $140,000 / FMV around $152,000) bought the house out of foreclosure (not an investor), and did some upgrades. He got it for around $100,000. I also know that the owner has been recently married and moved out of town because they have had a baby and the Mrs wanted to be "near Momma"...I am falling all over my self at the possibilities here.
This home and the REO I am looking at are the oldest homes on the street (almost new homes line the rest of the street!), and it also has a full sized lot attached to the property!!! I have also found another REO right around the corner!
I am wondering if I should make a move on the $140,000 property, with the RIGHTS to sell the lot next door, or use a Lease-Option with the ability to sub-lease and an "option" for a portion of the proceeds going to the purchase of the lot? I am looking for creative solutions and where better to find them then here?
Thanks All!
Jon A. Lubin
Investment Properties Group L.L.C.
Birmingham, Al.
www.connectedinvestors.com/investmentpropertiesgroup
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