Posted by James - Michigan Investor on December 02, 2009 at 03:29:40:
Go call the man and have coffee for a half hour.
James
IF your CREATIVE, you can figure this out…right? - Posted by luisgoodchevy
Posted by luisgoodchevy on November 10, 2009 at 23:03:05:
Ok gang, I have a unique house/situation here. How would you do this?
In an area that in its peak a few years ago it would be common to see a $600-900k Houses and a few on the $1.2mil tops range and in its current condition (right now)that same area is $450-650k, with old million dollar homes going for $700-900k how would you put value/determine the price of a 3bed 2bath “green” home built from used shipping containers 2 years ago? bills/receipts show $850k for total expense (custom 2 story “green home” including lot on top of hill with bay/City views).
What I know so far (based on 1 phone call):
Wants to rent for $2,600 and willing to lower rent if a long lease would be signed (open to lease option). Obviously his payment is lower, but I am not sure by how much.
He does not want to sell for less than his $850k investment and will be willing to wait for prices to go up. He hopes to get $925-950k. I can try to lower this.
Ok, I really want this house…FOR ME to live. I am definitely getting an option, but I need some ideas of ways to structure the deal where it makes it worth it for the owner and me as owner/investor to give me the option while I control the property for the next 3-5 years or longer. He needs to make something, but how can I do? Do I make an agreement where I have the option to buy, but can not buy before it is worth…say, $1 million? or $1.2 million for example. do I…
I mean, how can I buy for personal residence using creative financing/terms? I obviously will include an “assigns of” and a right to sell/sub-lease just incase I end up not being able to buy for myself, but my goal really would be to own it.
How would you buy it? Do you think it will ever be worth this much? How can I protect myself incase it doesnt? what clauses would you include?
IDEAS!IDEAS!IDEAS! PLEASE.