Help With A Flip
I have this opportunity to buy this house ... but I want to do a lease purchase over a 6 month time period. They are 3 months behind in their payments. I am willing to get them up to date with payments as a down payment for the lease purchase deal. But want to flip it. I can put the house under contract for $170,000 and I know I can sell it for around $220,000.
Can someone give me the details on getting this deal done properly? Thanks so much.
I need to get this deal signed by 12/20
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well its pretty simple, what you have to do is clear...
these people should not be living in the house if you want to putsomeone else in it to cover the payments...thats first off...
second off you need to market the house 'rent to buy' 'lease to buy'....
when you find a tenant/buyer...take a down payment of 3% of the house price you will sell to them at....
that will give you soome cash and cover those 3 payments....
the monthly rent should be more than the loan payment so you can make some cashh off of that as well...
have a set price in which the owner will sell YOU the house...and a set price in which you will sell the tenant the house....
youll generate cash flow until they find the financing they need to buy...and once they do you will recieve a nice check...
whatever you do...dont assume the loan....
you can also market the house to a tenant/buyer stating that no qualifying is need to get into the house...
they can just assume the loan payments....
~Andrew