holding a 2nd to help sell ???

General Real Estate Investing
1

I had a seller call me today and they have a house that is in great shape and they have about $50,000 in equity and all they want is the payoff as they can’t afford the payment.

I was thinking maybe I could do a option on this house and then sell this house quickly by holding a 2nd and either let the seller close and I hold a note or do a simultaneous close. I really just want to make about $10,000 so I would be willing to sell well under market value plus hold the note.

Is this a viable idea in todays market??

Any ideas or help would be greatly appreciated!!

Ron

2

I doubt there is that much equity. Prices have been dropping in many areas and that 50K could be much less. Can you afford the payments? If there is enough equity, a sub 2 might make more sense unless you have a buyer already lined up.