I am currently new to the investor with no property of my own. Today, while looking inthe magazine I ran across a FSBO with an asking price of $205,000, but they are really looking to have someone here in Vegas make 3 month payments of $1150.00 plus closing cost with a term of 3 years. After, the 3 years I would be able to then buy the home at the current market rate. They will retain the mortgage payments and title. The only benefit for me would be that I am able to claim the property taxes at the end of the year. I currently own no property, as of yet. I am looking to get into something that will benefit me and my family and also create leverage down the line in my investiing future. As always any advice is always greatly appreciated.
As a buyer using a lease option. Ideally you want to negotiate the sale price that you pay in 3 years right now. Otherwise, you are paying market price when you buy and you are not building any equity.
I went on Zillow to find out what the property is worth and it said zestimate $190,000. What should I offer her to be fair
Seriously. Keep looking. You don’t have a motivated seller there. You’ve got a seller who is hoping to take advantage of a beginner.
By the way, I took a quick glance at Vegas, and I think that area is ripe for careful investors to go in and make a killing.
Prices have dropped substantially. Sellers should be disheartened and willing to take low offers.
Vegas is still growing, so the buyers are coming in. People still want to retire in Vegas.
So work your market, and you should be able to find some attractive investments that have substantial equity for you.