I am a new investor in Florida,I need some info on what I need to do to get a property I just viewed today.It is FSBO and the asking price is 1.7 mil.,the owners are motivated sellers.Do I need to option buy,flip or what?
it really depends on the situation and the fact that it’s a higher priced home changes things…
if you can get the property waaay under fmv and have financing backed up BUY IT or at the very least put a contract on it! and only buy it if it’s a no brainer good deal (way under FMV!)
if the sellers are motivated but not willing to let you steal the property at a low price try to lease option it, HOWEVER doing a L/O on a house at that price may be a little tricky. Remember people only L/O if they have tons of money but for some reason or another can not get approved for a loan (no stated income for 2 years or more etc…). good luck and keep us posted.
Just want to note you need to have comps or a VERY good reason for justifying a FMV, an asking price means absolutely nothing without due dilligance…
Thanx for the insight!