Possible Deal In Daytona Beach, Long Distance Though?
I have a chance to work a deal with a guy in Daytona Beach, FL. The deal looks like this.
He has a condo he rents by the week and is looking to sell it to upgrade to a bigger one in the same building.
His is a 1 bedroom with all the goodies, 7th floor/ building, he rents for $1000.00 a/week off peak and $1700 for the Daytona 500 and Bike week. He wants to upgrade to a 2 bedroom for whatever reason thats his biz. Ok, so now he tells me that the condo manager wants him to up his rents to $1500/offpeak and $2200/for 500/bikeweek. I want to know if there is a reasonable situation I should offer this guy before I walk. My mother works with this guys wife and she says he is legimate.
Could this be something I could lease option or maybe a contract from at the old price and charge the higher. So any help with this post would be much appreciated.
I will post more info, if I get a little help going on this.
Thanks to you all,
I have friends who live in Daytona Beach and I travel there frequently so I can tell you a little bit about the area. My friends sell leather during bike week and I can tell you during that time you will definately get your rent...however, after bike week the town completely dies depending upon the area. The homes in daytona are very expensive in the area my friends live in...there is a community (fly-in) nearby that John Travolta used to live in. Property values in that area are high. My point...find out what area and research...it may be a good opportunity. They also have "Biketoberfest" in October which draws a decent crowd. Hope that helps a little.