All Forum Posts by: Geoffrey Jones

Also owner has another property they want to pay off in cash. of around 180000.

Owner has family that needs some immediate cash. So shes trying to cash out. Owner has no mortgage and owns all equity.

Guys I have a really slamming deal near NYC. Property is worth 850000+. Owner wants to do a lease back agreement and will pay the lease upfront for 3 years with proceeds of sale. $136800 cash at closing! I am selling the contract for 600000. Rent in the area is about $4000- 4500 a month average. Agreement is for the owner to pay 3800 month for 3 years upfront at closing so they can live without worries for 3 years. After that they want to attempt to buy back the property at 850000+ or depending on market value which is still in discussion. I may close on this one myself or if I can find a buyer wholesale it for some good upfront cash. No repairs are needed everything is modern updated an super clean. I have the pics.

I have done quite a lot of wholesale deals over the past few years but I have never wholesaled a rent back agreement. 

1. Would an investor in NYC be interested in this deal.  

2. What forms do I use?

3. Will I be needing any additional forms for this as how can the owner sign a lease option if I or my buyer doesn't even own the property yet? Do I need to add an addendum to the purchase and sales agreement also?

My plan is to either buy this myself and hold for the 3 years or flip it to another investor who is willing to make 200000+ in 3 years or more for a profit with rent upfront. Let me know if there are other ways I can make money from this deal.

I just checked the county records and it looks like they are definitely the owner. Seems they are selling due to other financial issues other than the case and is using the case as a way to get the property back later on while still getting some cash out now. Ill review the docket at the courthouse on Monday and see if everything pans out. If everything does pan out should I proceed on this deal. Also is it even legal for me to charge rent for 3 years in advance after allowing the owner to stay in the property.

Hey guys I have a deal that i'm analyzing need some help to see if I should proceed on it.

Owner is in the middle of a lawsuit case. They are anticipated to receive some money in excess of 3 million. 

Property value: $900000

Current Mortgage: $0 (They own free and clear)

No repairs to be made. Property is fully updated and modern.

They are willing to sell the property to me for $600000 on a condition that they stay in the property for 3 years with rent paid upfront for the full 3 years, with a buy back agreement of $900000 or estimated property value after the case closes. 

If the case closes for less than the 900000 they will agree to move out and not buy the property.

Rent in the area goes for about $10000+/month and they are willing to pay it upfront as I am assuming the risk.

Property is in an really great area.

Do you guys think this is a good deal?  How would you structure it and what forms would you use to do this?

They have owned the house for 20+ years so they have some obligation to keep the property in good condition as well. 

Let me know your thoughts.

Send me more info on this property. Also if your looking for cash buyers check this out. You can register for free to see if there are cash buyers near that property that buy in that price range.

https://www.biggerpockets.com/forums/517/topics/36...

@Rynel R.spoke to your guy and he seems very knowledgeable on the subject. 

@Michael Lam Ill PM you too as I have another deal in Boston I am closing.

Rynel Richardson

Rynel Richardson

Have a deal in NYC that I am closing and need a good closing attorney familiar with double closing. 

Anyone have any recommendations?