Want To Buy A Home But Just Not Sure How! Help Please!
Hello All,
There is a guy who is trying to sell me his 2BR house for $7K! Me and a friend looked the house up and the city has it appraised at $51K! The property is currently vacant and the city ordered it condemned. I have no money and my credit is gone with the wind..lol! How can I buy this house from him without taking a risk of some sort? Is there a way I can use the house as collateral since it is appraised far more than what the house is selling for? please help!
Thank you all in advance!
Show the tax information to a partner and make a deal
Lock up the property and turn it to a investor
But first i would find out why the city wants it tore down
STR8LUCKY, I like your overall thinking, but I also think your plan is missing a couple important parts.
#1) is the property really worth $7K? Are you basing this on comparable sales? Were they also sales of condemned property?
#2) at a minimum you need a building inspection to know the reasons behind the condemnation
#3) what is the city schedule and next action regarding this property?
The 90 day deed thing... I like the concept, but the above may be more practical. See also http://www.thecreativeinvestor.com/ViewTopic63230-24.html and http://www.thecreativeinvestor.com/ViewTopic63238-24.html about Akron. Also search this site for other posts... Make sure you know (or have a guess with a good thesis) the total cost of ownership, including repair costs and any required remediation.
There are probably a lot of other (not condemned) property that would be worth considering....
whatever happened with this deal?