I have An Idea

Hi ByronSr.,
Sounds like you have a plan in mind. Even though there are comps in the area. Will it be enough to compare to the difference from the sellers price? Was the additon done to code? Since the home has unique features compared to the others, maybe look into getting a hard money lender since you know it was sold for 25, maybe you could go in asking half of the asking price. Just somethings to consider. Continued success...........Lubertha

I was wondering about that. Im not sure that the add room is built for living space, or just extra storage. I find out on Monday. But wouldn't it a better deal if I can get it at no money down, give him his asking price in return, and still assign the deal for profit?

Hi Byran,
If you are buying at his asking price. According to your average comps at 90 thousand. Then you will have no equity in the purchase price at 90 thousand to attract a end buyer or have a return profit. So it is important for you to ask for a lower offer price up front. He bought it for 25 wants to sell it to you for 90,000. The max on comps in the area. You would need to at least offer a price that will atract the end buyer or investor and still make an assignment fee minus other expenses like repairs. Or if you want to buy at full price and do a lease option for a year or so until equity builds up would be another option. Continued success........Lubertha