I have a aunt that is trying to get rid of a house she once occupied. she is selling the house for about $125,000. The homes in the area are going for about $111,000-$117,000. She has been sitting on the property for awhile now waiting for her price. The reason for the high price is because the house is completly up to date with new wood floors and everything re done. I was just wondering if there maybe a possibilty that I can make some money off of this. By maybe giving her the equity of what she accumulated plus the work put into the house(or some of the work depending on the deal) and taking over the payments. And maybe renting the property out(w/ option to buy). Estimated equity+rehab work prolly like 35-40,000 to her(My aunt). Let me know what u guys think.
Couple of questions
- Where would you come up with the 35-40k?
2.Are you sure you really want to mix business with family?
Other then that it looks good what does she think about this idea?
What is the rent out there like?
Also, like Reo, I would not mix business with Family.