Re: Lease option Question

General Real Estate Investing
1

i need some advice on a deal that im thinking about taking over. I have a seller that has a condo that is selling for what she owe,which is 110k. Current on her payments and is a must sell mode. She has agreed to do a lease option with me…Here is the problem, her mortgage is $1200 a month (including HOA) and with that high of a monthly rent my market is very limited but because of the size of the condo and the lack of amenities it has. The location for the condo is wonderful and she said it be appraised for 125k but im going to do one for myself. i cant really make any extra money once a get a tenant in becuase i will have to charge more then $1200

My question is if i lock this property down what other options do i have to make some profit…

2

Hi,

 Run, don't walk, Run to the next deal!!!!!!

There are so many opportunities out there and retail is not a deal!

        GR
3

Ummm…didn’t I tell you via PM basically the same thing? There’s no deal here - with the condo fees and restrictions it wouldn’t make a profitable rental and there’s no room in a purchase to do anything with.

Keith

4

If it doesn’t cash flow from day one, move on. Plus, you’re pretty much paying full retail. In this market, that’s a no-no.