I do handyman work and I want to get in realestate. I have a person that have a house that’s value at 130k when fixed. It need about 25k worth of work. He will sell it to me for 65k. He said we can sign some paperwork to let me fix it up at my cost and I could sell it and get the profit.My question is how can I protect myself & my 25k worth of renovation to his property.
The obvious answer is to buy it first and get the deed before you do any work to the property.
My 25k = 10k money + 15k labor. I was asking what type contracts that I need to used.
Sorry, I thought that was implied in my response. Use a purchase contract. Buy the property, get it in your name before you do anything else.
After that, you own it and whatever rehab you complete is done under your umbrella of ownership. You either sell the property or refinance it to get all your money back.
There is too much potential equity in this property to lose if you don’t have the deed.
Thank you
Another few question. Can I some way control the house, rehab it, sell it for 120k? Buyer cuts a check for 65k to owner 55k to me! Is their any contract that can do that? Double Closing! Is there a double fee, and how do that work?
thank you for your help