If your thinking of holding on to this property for a couple of years, I think the deal can work.
You can accomplish this by using a Sub2 deal, and do very well.
The owner probably has very little choices so your offer may get him/her to deed the property over if you can repay the arreage and get the loan back into good standing.
Once you've accomplish this, either L/O it out or offer Owner Financing to an end buyer with a nice down payment. Once the down payment or option has been paid, you can either continue to hold, or flip to an investor to let them wait for the contract to mature.
I think this is a very common question.
If your thinking of holding on to this property for a couple of years, I think the deal can work.
You can accomplish this by using a Sub2 deal, and do very well.
The owner probably has very little choices so your offer may get him/her to deed the property over if you can repay the arreage and get the loan back into good standing.
Once you've accomplish this, either L/O it out or offer Owner Financing to an end buyer with a nice down payment. Once the down payment or option has been paid, you can either continue to hold, or flip to an investor to let them wait for the contract to mature.
good luck,
_________________
Beau/
bjsmooths@yahoo.com
[ Edited by bjsmooths on Date 09/25/2002 ][ Edited by bjsmooths on Date 09/25/2002 ]