Thinking Of Rent To Own Strategy
I recently got a home under contract to purchase for 40k under market value. My intention was to flip to another investor who would do some minor repair (paint and yard clean up) which would bring it up to market value of 460k. However as I was driving away with the contract in hand and the sellers all excited to be moving to another state with all their dreams hinging on my closing the deal for them I felt a great weight of responsibility for making that happen for them. They are so naive about selling( they thought that they could take an earnest money deposit or down payment off with them befor COE and purchase a new house). Anyway I became worried that a new investor might really take advantage of them or not make it to the closing etc. thus delaying their move and my fee. So with only $1000 down I thought I would just get 100% financing and sell the house quickly rent to own. I thought I would eventually do a wrap and make a nice little monthly income. My question is should I paint the house before I offer to rent to own? Any other comments or suggestions welcomed. Thanks
Comments(0)