Hello all,
I am a business broker in Florida (requires RE license). I have been researching real estate investments for a couple of months now.
I have a situation with the seller of a business. He has the business under contract with a buyer I found.
He bought a house about a year ago. Because he is selling the business he would like to sell the house so he can relocate. The town has a low pop. about 15,000 people, mostly snowbirds.
He bought it for $295,000 last year. He has a monthly mortgage payment of $2,200 a month.
He already listed with a real estate agent for seven months @ $300,000 and was unsuccessful. He is willing to go as low as $260,000.
I told him I may be able to help him. I need to get back to him by Monday. If I cannot he will probably rent it out for $1200 a month and keep it.
My plan is to option it for $260,000 for four weeks and try to sell it for $300,000 with owner financing and then assign the option to the new buyer with 5-10% down. Is this a good idea? If not, I would appreciate any suggestions where I can make a profit. I am a first-timer who hasn’t taken any courses as yet. Thanks in advance!
-Mike