the moon is so bright tonight

I bought a house out of town for 5k, and was going to fix it up. Then i received a letter from a gentlemen that lives in the neighborhood. He wants to get it from me for 7.5k upfront and 500$ per month for 12 months.

I thought not too bad, since i haven’t done anything, (didn’t even have that property appraised yet) I told him i will give him a reply next week, because i am having someone to estimate the repair cost. the building is in another city and i don’t drive, so i might just take his offer and let him deal with it. anything wrong so far?

haha the problem is that there is a anti-flipping law in the city, so basically i cannot sell the house for more than 120% of my purchase value until i hold it for 6 months. any way to get around that? what would u do?

Looks like a quick kill and a profit of about $8,500.

Structure it so that you get some money upfront, still get $500 a month and get the remainder of the noney after 6 m0nths and one day. Have the title company/lawyer hold the funds in the meantime…


Why no ARV on the property?


Get an appraisal / comps on that property before you do ANYTHING.