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Updated about 14 years ago,
Potential Deal Overview
I need some help with the best strategy to use for a potential deal on a SFR I found recently.
The owner is a recently divorced individual who got his previous home in the settlement. He just leased it today for $950/month but he real objective is to sell it and walk away. It's a nice 3/2 in a good neighborhood and worth about $130K. He told me on the phone he'll consider selling it at a reduced price to just get rid of it. I drove by and looked in the windows. The outside is in pretty good shape. The garage door needs replacement and from what I could see inside it needs cosmetics, paint and carpet.
My idea at this point is to buy it at a deep discount, 30% below ARV and lease it back to the current tenants or get a lease purchase.
What are some negotiating ideas/strategies I can use to get this property and end up with the best deal possible?