All Forum Posts by: Joseph Duenas

I'm looking at purchasing 10 condos in a bulk sale. The condos are partially occupied. My intent is to purchase, renovate and flip them.  I really don't want to get ten different mortgages (one for each condo). Does anyone have any advice on how I should finance them?  Again, my goal is to renovate, and flip them.  The time frame might take up to two-years.  Thank you. 

Hello. I'd like to try purchasing a rental unit using a lease option.  Does anyone have a good formula/ template that they start with?  For example:

1. How much do you generally put down? 

2. How long does a typical lease option run for (i.e. 3 years)? 

3. Is there anything else I should put in the contract? 

While I understand that each lease option contract will vary depending on the seller, I was hoping someone might have a good formula for what to offer initially to the seller. Thanks. 

Read the book Millionaire Real Estate Agent. Great book and will give you a system to follow. Good luck to you! 

I would be careful with this, or it could come back and haunt you. The right thing to do would be to return it to the Seller. The Universe returns good with good. 

@Up

@Upen Patel thank you! 

@ Chris 

@Chris Mason thank you! 

 Thank you of your  response Tina.  T

here are about 10 condos, they were asking about $450K for the bundle. 

I  was looking at renovating each for about $10K  ($55K total investment each) 

I was looking at selling or refinancing after,  when the value is reappraised at about $75K, which would be a gross profit of $20K each (before commissions, taxes, etc.) 

 Thanks Ken. I believe the current owner has them all paid off.  The loan size would be about $450K.  May I ask how you structured the 22 condos? This would really be helpful for me. Thanks again. 

Thank you! 

Thanks Chris and Jason. I continue getting conflicting information on this. Some say 12 months, others say you can't, but it just doesn't seem realistic that someone buying a four flex would have to live in a unit for 30 years.  

Wow! Great responses!  @Bill Gulley and Steve Vaughan, thank you for your expert advise here. The input here has shaped my decision on how to move forward.