Too Many Options To Choose From?!?
Hello all,
I have a motivated seller (two partners). of a 3br 2ba SFH. They are asking 102,500 for a house that is worth about 115K. I know they only paid 59K for the house four years ago and have used it as a rental, receiving 775/mo income. Their motivation for selling is that they are tired of being landlords. I mentioned buying on a lease option, and the seller mentioned his worries over someone trashing the place. Any recommendations on how to buy this property to generate some quick cash? My gut tells me they are very flexible on the price.
At first glance you're looking at very slim margins, if any, as both a rental and a flip.
I would be wary of anyone that says they are tired of being land lords. Also why wouldn't they offer the house to the current tenants. That would be the ideal situation for the sellers. They would have no costs to them so they would get all their money. It seems this deal is missing some info.
Lori
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