Wondering If There Is A Deal Here? L/O Or...?
Vacant home in very desireable neighborhood has been on market for about 1 year. House is nice, but strange layout has limited it's appeal. Started at $495K and is now at $447K. Wondering if I should go after it on a Lease Option and get the owner out from under his double payments? Should I be worried about not finding a tenant/buyer myself since it has been on the market so long? Any advise welcomed. Thank you.
-bigolds
I got myself into trouble when getting into a unique house. It is hard to find comps and it is hard to determine value. Even more it is hard to sell.
An investor I know recently converted two small bedrooms into a large master bath and added a bathroom. It cost him under 10k and sold it for a $50-60k profit. If you can fix the strange layout then you can possibly make money.
Thanks for your input frogger. I will look at it again and see if there is the possibility of a redesign.
Better yet, take an experienced builder with you
The more people in the pool and the greater the collective I.Q. = a superior solution.
Unless your experience a neophytes look will give you a neophyte solution.
Randall
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