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A friend of a friend is moving to another state and needs to sell off
thier house pretty quick. The comps in the area are from $100,000 to
$127,000. The house is in good condition. They owe $121,000 and the
payments are $1000/mo.
They are obviously motivated and I see an oporatunity here but I really
have no money to put into it. What's the best way I can make a profit
on this situation?
Should I try to get a lease-option on it, rent it and sell it off in
two or three years with out getting involved with a mortgage on my
part?
This is the best way I can see to make any money off of it? Can any of
you think of anything else? What would you do? I know this is not an
ideal situation and I shouldn't bother but I am sure I can get control
of the place and they are willing to just drop it and run.
If you think dealing with these people is a bad idea then say so and
explain why. I am new to this kind of thing but even if I cannot work
something with these people, I still would like to go thru the motions
just to for the experience because I've even better prospects down
the road that I'd really like to get right.
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How can I make money from this situation?
