OfflineHello ev1, I had several questions about this property that I have seen up for sale. Its a very nice home and in a good location but getting in and out of the driveway can be a big challenge since it sets on a corner of a busy intersection. The original asking price was $142,000
now the owner has it listed for $127,000. Its been on the market as a Fsbo for awhile now. All the comps that I have come up with and the tax assessment all agree its value to be in the mid 120's. Is this a deal I should call on for assignment or lease option?
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I would go with the lease option because it looks like you have very little equity, if any.
"A Winner Never Quit And A Quitter Never Win!"
Hello everyone.
I have a deal that i have discussed with the seller and he wants me to do the contract so i can get his home off his back. He is willing to do either the IEE which is my first option or the Lease Option. There is around 24k spread in the deal and he said I can have all the equity just do what the agent who had his listing couldn't which is get the debt off his plate. I want to know has anyone done the IEE method and when. I just want to make sure that I'm not doing a outdated method that banks are not allowing anymore since so much has changed and continues to do. Any help would be greatly appreciated.
Thank you Mr. Don
When you do a lease purchase, don't you want to make money on the back end also?
To me, there is not enough money in this deal, I would keep looking for something that will make money. Busy intersection=hard to sell!
PHATRAT12
Did you determine the spread by sold, selling and under contract comps? That's how you determine accurate ARV. Does it need any repairs?
Minus what his pay off is on his 1st, 2nd? any judgments? And that equals
$24,000 spread? How much are you paying, how do you intend to take control of this property? It's not listed anymore right? $24,000 spread on a $50,000 house is good, on a $200,000 house it is not.
Last but not least, do you have your buyer in place?
Due Diligence!!!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
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