Investment property with zero? - Posted by jeff

Posted by dewCO on October 25, 2000 at 23:26:36:

If brother needs money he either needs to wait,until you sell, but then there’s not much left for you is there, or take it out now, which also doesn’t leave much for you now. Your brother is not motivated or is expecting too much, or both! Plus make sure you 've got the taxes and HOA fees covered.

Investment property with zero? - Posted by jeff

Posted by jeff on October 25, 2000 at 19:10:45:

Here’s my scenario and I’m looking for opinions.
My brother wants to sell his condo. He wants ~ $10K from sale. I have an individual that has a good job, but some credit problems from a divorce. She likes the unit and would entertain a lease option for 12 months.

My brother lives in a different state and just wants to sell it. I feel I can buy it from him and take the lease option and turn some cash. My need is to get in with as little as possible. Preferably zero.

I can buy the property for about 68K
The lease option will be $1000/mo for 12mo. with $200/mo going towards acquisistion if exercised. I will sell for $80K next year.
I have A+++ credit and a very low debt ratio(15%).

Help me you creative gurus in the sky.