I Had Put This Post In Lease Options But Didnt Get Any Feedback Or Help
I do want some help or advice since I am still a beginner, relatively.
I have a friend who's mother died last year in fairport, Ohio. I am in Massachusetts. The house is a 3 story including the converted attic, 2 or 3 bedroom, 2 baths. The family now realizes that they dont really want responsibility for the house, the taxes and other fees are more than they have in their budget. Approx $3000/year? I dont know for sure. It was appraised at $120K by a local realtor. The house is still presently in probate so I have some time to negotiate. Comps on the net seem a little higher. There will be 3 parties together, in the sellers side. I think that I can setup a delayed payment plan with 2 parties, leaving only 1/3 to be paid out immediately. I figure the offer cost would be less than $40K for that 3rd seller. Based on the profit they would have made after selling a house a 120K less all the costs, perhaps an offer price should be 95K? A lease option I figured would give me a lump sum "deposit" which I could initially give to the 3rd party to get him out of his IRS problems. And the payments could come out of the monthly rent I charged the lease-optionee. I'd rather own property rather than just quickly flip it, or is my thinking off? rents in Fairport are 800 for condo/apartments, so would maybe be looking for $1100 for rent option to purchase. What else should I be looking at? Local person to manage? Suggestions welcome.
[addsig]
Comments(0)