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Updated about 8 years ago on . Most recent reply

User Stats

85
Posts
248
Votes
Sam White
  • Rental Property Investor
  • Dallas, TX
248
Votes |
85
Posts

Selling another landlords house for him

Sam White
  • Rental Property Investor
  • Dallas, TX
Posted

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

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