OfflineI would like to figure out how to take ownership of this rental property that is being offered to me, but I seem to be having a hard time figuring it out.
It is 4 units with a monthly income of about 2500 and expenses between 500-600 dollars. The asking price is 172,500 but they would be willing to do a lease option with 20% down. Unfortunately I don't have that money either. Even if I can't take ownership I would like to try turn some money on this property. Any ideas?
Edit: comps are going between 170 and 190. No repairs are needed, the seller is only selling because they want the cash to free up some cash for other investments.
__________________
Success and Nothing Less!
Look at the comps for similar properties. What are they selling for? Does this MF need any repairs? You maybe able to assign it to another investor but the numbers have to work out to make it a win win for everybody.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Edited the first post with comps and repairs
Success and Nothing Less!
Have you physically walk through and/or had an inspection done on property or is that what the seller is telling you 'it doesn't need any repairs'? Don't get mad at me, I'm only asking? LoL What did they pay for property? How much do they owe on first mortgage? Are there any other liens against property? If you try to assign it to another investor, you can't go that high on your profit, due to closeness of asking price ($172,500) top range of FMV ($190k). Your end buyer would have to hold on to this property for awhile to see a greater return on their investment.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.