I have a property on contract that i would like to flip . The pp is 40,000 and approx. 10,000 for fixup. The arv is in the 120 -125000 range . It is 10 acres with 3br 2 ba and 2 car gar modern style house. I have a tenant/buyer lined up to purchase it from me at 85000 on a rent to own basis. They may not qualify for a loan right away. How can this deal be put together?
thanks :banghead
Why don’t you simply close on your $40k purchase, fixup the property then sign a lease option with your end tenant/buyer? If you can’t close on the purchase or don’t want to tie up your credit why don’t you take the property subject to any current financing. Presumably your rent on the property will exceed the debt service on the property.
It is an reo property. This bank will not take suject to. I am over the four property limit as I own 10 properties now. Your first statement is what I was going to do except that I may not get a loan for noo.
:help
redhawk