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Updated almost 3 years ago,
Funding question advice
My friend signed a lease to own contract 3 years ago with a purchase price of 2.7 million dollars when the house was likely worth 2.4-2.5. The actual chance they would want to purchase the house were slim to none at the time due to it being high priced.
However, due to covid, the houses current value is comfortably 3.1 million, they are trying to assess how to purchase the home possibly to flip (no work is needed). No is there any real value add that I could imagine to the property as it is immaculate, can't be split up due to being in an HOA, unless there is something I'm not thinking of.
it is unlikely they can qualify alone or probably wouldn't have reached out for advice.
The contract is not assignable, the home is in beverlywood, Ca.
I was recommending they find someone to cosign for the loan and sell it immediately after. Aside from that or private money. Anything else that anyone would suggest as a possible solution besides private money, I imagine hard money will be too expensive due to points.