What route to take

[Andrea Shields]

Good Morning BP, there is a SF being sold by owner in my neighborhood. I think its a bit overpriced based on current market, however I would like to approach the owner/seller as I would like to acquire the home. I dont have much money to put in the purchase at the moment as I am purchasing a duplex and in contract with a lot next to my home thats due to close in a month and I have monies tied up in these deals. The sf in question is currently rented and a few house from where I live. I have seen the property go thru a few owners since we have lived there. I am thinking of approaching the owner/seller with a rent option deal, the house however would have to rent so that there would be a profit (not sure what he is renting for currently). What do you think BP? I am thinking if I could get a good deal I could offer a rent option for 1 to 2 years. Is this a good option? or is there another way to go. Thanks so much for your advice.

[Joel Owens]

I wouldn't saddle yourself with debt on a mediocre property in the hopes of something happening. A property changing hands a ton of times within years could just be a coincidence but is usually a bad omen. I am not talking about one change but a long string of ownerships in a short time period.