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Updated almost 6 years ago on . Most recent reply

User Stats

18
Posts
12
Votes
Joseph Glisson
  • Chattanooga
12
Votes |
18
Posts

Received a call today NEED HELP ASAP. Buy home, rehab, sell back?

Joseph Glisson
  • Chattanooga
Posted

Today I received a call from a marketing piece I have posted. The homeowner currently owns her family home after family passed. There was a small fire and damage was done by the fire department when they put the fire out. She did not have insurance and couldn't afford to fix the home so she moved out. She does not have credit for any loans/refinancing nor the funds required to fix up the property. She has paid the taxes etc for the past five years. She does not want to lose her family home but at her current rate it does not seem promising for her to bring it back to its full potential. 

My question is this... She is asking for someone to buy the home, rehab the property and sell back with some type of interests for their time. This was an idea she had. Is there any option for me to make this a win, win for us both? I have thought about proposing her a lease-to-own option for the same number of years as the financing on my end, as well as adding my cut to the purchase price total as well as coming up with a positive cash flow while she is in the repayment.  

I am looking for any other ideas or suggestions on some options may be or even some feedback on my current idea. I want to keep this as fair and ethical as possible taking into account her unfortunate situation however making this worth my time. 

Thanks.

Most Popular Reply

User Stats

776
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776
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Frank Geiger
  • Rental Property Investor
  • North Carolina
776
Votes |
776
Posts
Frank Geiger
  • Rental Property Investor
  • North Carolina
Replied

@Joseph Glisson perfect opportunity to lease option this property. She has been keeping up with the taxes and does not want to lose the family home. You get a big downpayment from her and cash flow after the rehab. Then help her build credit so that she can afford the loan.

Seems like you just need to make the numbers work and this could be an awesome investment. It helps her get the home and you can get paid three times for putting in the work. Win/Win.

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