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RockOptions wrote:
> 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.
A sale will most likely trigger a due on sale clause. The lease option
idea is probably the best one. I wouldn't be surprised if one of those
late night real estate gurus actually has a decent form that would get
the job done in your state.
I remember investors getting all hyped up about Carlton Sheets. I want
to say he was one who advocated this method. It sounds like you can
pull off one of those illusive no money down deals.
If you decide to go for it, I hope your timing is good.
MD
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Re: How can I make money from this situation?
