I have a seller agreed to do a cooperative L/O, the property is about 1.5 hours away from where I live. At that distance I have to outsource everything, which I estimate would cost me about $200 a week.
The seller would only lease it for 12 months, and even though the price is very fair, I am not 100% sure if this will sell. Mostly because this is a Townhouse, and they are not as desirable as houses.
What should I do?
Well its tough to say without numbers attached. But you should start marketing it first to see if you can sell it. Or birddog the lead to an investor in that area.
I always try to get an option with the deed deposited to the title company or closing attorney before I try to sell it.
I second Ashton. Give it a trial period, in marketing it. That way you’d at least could take a sneak peek on its potential in the market. Allot, say a month, before taking the plunge. Good luck.
Well if it is a town house then there is a chance it could sell or even could not. As there are lots of buyers are around who are willing to take advantage of lower price and interest rates. And there is low inventory, which might attract attention of a potential investor, who might be interested in playing long term. So keep your fingers crossed.