Recently Signed An Agreement To Build A Duplex!
I already know that I was not very creative on this one, but there may be hope on the sales end of it.
I'm buying this with traditional financing once the construction is complete. The contract looks to be assumable. The construction will be complete in May 04.
Here is the deal:
Buying for 200k (2 1400 sq. ft. duplexes)
Similar units are selling for 114,500. Most units in the subdivision are owner occupied.
The selling options that I see are as follows:
1) Sell the contract, but I do not know if I can assign the two houses seperately...there is only one contract. Is there a way around this?
2) I could set up a lease option or land contract. I would prefer a land contract because I would rather force the renter to finance and buy the home to get out of it...
5k down x 2
200 / Month Cash Flow for 2 Years
25K x 2 margin from selling in 2 years
=72k
3) I could rent, but I need the cash flow.
Let me know what you all think!
Thank you,
Wes Laney
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