Please Help - Newbie
I am new to L/O but got an opporutnity to get a house under lease option for $112k with only $500 down. COmps in the area are about $129.. What is best way to get this property under L?O contract then sell for a quick sale? Without alot of paperwork or confusion. I would like to find a buyer and sell the property outright.
Thanks
T
T,
I think it is wonderful that you have found a property that you can put under an L/O for only $500 for $112K and the Comps are $129K. There are some questions:
1. Why haven't you got this property under control for the $112K you are talking about and then do your due diligence?
2. Does this property need any repair/fixup and, if so, how much?
3. By the wording of your post you are trying to just flip this property. Do you want to wholesale or retail? If you retail, do you have the reserves necessary for holding costs?
You need to tell us a little more and we may be able to help.
Dave
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