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Updated almost 8 years ago,
Selling another landlords house for him
I have a friend who lives out of state and owns a college rental in Texas.
I am a landlord and have my Texas Real Estate license.
He has asked me to help him sell his house. My license is hung at the commercial brokerage I work at. So my broker doesn't sell houses. Being an investor I have bought and sold my own property under my license, etc.
Any advice?
I have thought of buying the deal myself. The house is in an area that suggests ARVs of $575k-600k based on price per sqft. At the moment I am not liquid enough to put 25% down of the project LTC loan.
So 2 question summary:
1. If I want to sell this house, but my license is hung at commercial brokerage, how do I navigate?
2. Would I be better off putting under contract with my landlord LLC and trying to creatively finance, with the exit strategy of reassigning contract if that fails?
ARV: $580k
Repair: $55k
Purchase: $460k