???
i have a house and about 8,000sq ft lot that an old 80 something yr old widowed ladywho lives far south in californa and has let this property go by the wayside .she will sell me for 4650 with owner financing 100% of 450,000 with cash. i cant cash her out till jan 1st for tax reasons but i can assume the property any time. she need some up front money if possible for some other investments in southern cal she said if i could give her some know i could get it for a little cheaper( i dont have it as of now (25-50,000) this property is a tear down and rehab she says (it looks more like a rehab not a tear don to me. i havent been inside yet i will tomorrow.
this property is in an up and comming area .new house are over 800,000 easy . it’s right next to a school and its close to major stores and malls and a highway.if i put a 3 or 4 bedroom on it i would get 900,000 if i put 4 town homes or apts it worth over a mill easy probably 1.2-1.5 mil. plus monthly 2 bedroom rates are at least 1500-1800 a month
i can flip the property after i clean it up for about 50,000 or 100,000 more than i paid or get a loan
how do i tie this up so she cant sell to anyone else. it’s not on the market but anyone could locate her like i did (through county records) she will do a quit claim deed with me and not use a realtor to keep price low. there are no liens on it i checked and she owns it free and clear.
i am new to this and this is my first deal.
please help with any comments suggestions or concerns
thanks for your time