Condo
2/2
Value - 215,500
Mortgage - 1,460
Condo Fee - 540.00
Option at $175,000
Sale at $210,000
Is this a good deal or not! This will be my first deal if it is…
id do it. what state and city?
how much you putting up for the option fee?
So far nothing. I haven’t negotiated that part yet, but if I have to $1000.
save your $1000.00
put up $1.00 with a non exclusive option.
How do you do that? What is a non exclusive offer?
“How do you do that? What is a non exclusive offer?”
I have to say it really blows my mind when I read posts like this. :bobble
If you don’t know what a non-exclusive option is versus the option contract you’re considering binding yourself to legally, are you ready to do your first deal in the first place?
Read a book or 2 or 3 or 4… 11, 12…205…forever.
Make sure you know your in and outs before you get involved. Sounds like a great deal from the basic stats you provided, but it scares me when people post questions like this because they haven’t taken the time to learn the basics.
I don’t think you have to be an expert by any stretch of the imagination, I certainly am not. Take precaution by minimizing mistakes with education… you could end up in trouble otherwise.
Good luck.
Thanks for the replies, I have the deal under contract. The property is in MD and I am also open to assigning it as well. Just in case someone is interested.
non exclusive option is a non binding agreement that allows me to market the property to a tenant/buyer that can meet my terms. i ask for 90 days from the seller to allow me to do my due diligence and perform to my capabilities of marketing for the non conventional buyers. i tell the sellers this non exclusive option means they’re not tied to me, im not tied to them, im not tying up their property and i wont even record the option to cloud their title. so its pretty much risk free for them to work with me. also if its listed with an agent, i tell them that it wont interfere with their exclusive listing agreement. if they find a conventional buyer within my 90 days, then i just simply withdraw my option and let them proceed with their conventional sale or lease.
at least it gives me 90 days to leverage this property to build my tenant/buyer list. my option fee is $1.00 by the way for consideration.
if i do find my own tenant/buyer within 90 days, then i exercise my option and it becomes exclusive. then i proceed with my purchase offer and set up the documentation for a sandwich lease option.
That’s good stuff, I will keep that in mind. Do you have any non exclusive contracts available?