Controlling property before having an exit strategy

[William G.]

I suddenly found a property in NJ with several free standing single units on almost 3/4 of an acre. the units are total gut or tear down. I have several options for making this property a successful venture but these have not been fully vetted yet. But in the mean time I want to control the property to avoid losing this opportunity. Anyone have any suggestions how I might accomplish this? BTW I will be seeking partners once the strategy is firm-up. William.

[Bill Gulley]

What is the seller trying to accomplish, besides just selling and walking  off? Are they astute investors, mom and pop, an estate or is there any rush?

An option might be a part time fix, buying on a conditional contract would be tighter.

Must you be in title to obtain permits there? Are you a contractor? Consider seller financing just to get title and have a short fuse on a balloon to pay the seller off. They may go with 100% financing since you'll be improving the property.

You can put it under contract and meet phases to perform with the seller's cooperation and close when it is completed. You could "partner" with the owner as well.

Without knowing the seller's needs and motivation, it's hard to say what the "best" way might be. :)