I found the perfect scenario today... But

[Adrian Pillow]

Okay, vacant house listed for sale. Vintage untouched 1954 where the original owners died and the kids are trying to sell the property through a realtor. Owner financing a possibility.

... The realtor is strong and knows the market. Been in the local area for 45 years.

Essentially he priced it as a "lot" and get the house for free since it needs a total remodel if not a teardown.

It is a HOT area even with the slow market elsewhere. Great great location.

Priced at 480K :shock:

Property still needs 60K for repairs. Luxury small house type of deal for a quick sale. Cheap will not fly in this zip code.

I figure only investors will touch this place. But I think 480 is high. Would it be too balsy to go 350 outright, or use the leverage of owner financing to lease option it for a 6-12 month time span?

480K for a first time deal is a bit scary... Then again the payback is potentially there for a flip.

Any insights are very much appreciated!