New Kind Of Investor"s Club?
You have heard of the You pick the house,You pick the payments plans before. The investor buys a house with minor repairs and the tenant buyer lives in and cashes out within a year. What do you guys think about this approach? This market is perfect for this. What do you guys think?
A lot more details would be needed to make comments. Give an example with numbers. Also include who is making the mortgage payment during this period (investor, I assume - but you say tenant cashes out in a year - HUH?).
Hello Guys,
I buy a $100,000(after appraisal value) for $67,000 with some minor repairs of $7000(contractor estimate). I lease/option the house to my tenant/buyer for a year. The t/b does the minors. I agree to sell to the t/b for $93,000. The t/b has decent credit and is a first time buyer. My job was to find the buyer first, contract a lease/option. Let the t/b move in, make monthly payments(enought to cover my payments) and let the t/b cash out ASAP.Did I miss something?
That is my point exactly. I find the t/b first before I buy the house. Does this make sense? I have enough equity in the house to rent to own to someone else if the deal does not work out.
How do Irecruit enough investors to buy into the ideal? With all the foreclosures on the market today I believe this is the answer. I will do the heavy lifting if I could convince enough buyers to finance the houses. Does this make sense? Help!