Posted by Lew on July 07, 1999 at 07:30:13:
Here’s the situation, Recently I got a listing from a broker on a 4 bedroom 2 bath,basement, no garage or side drive home in a not to popular side of town. I made an offer on this home contingent on approval of partner. Welllll I shoped this property around to about 20 cash investors to try to see if there was any interest. Property value for this particular house was $35k, My intention was to flip it for a $2500 fee. I had a PA for $10k. I did not receive one call of interest on this home. I told the realtor that I was backing out of the deal and moving on.
This was about three weeks ago. Guess what?? The realtor calls me and says Mr.Cash, that property is still available and you can get it on a LC w/$1500 down and good credit. First of all if I could’nt flip the property to 20 cash investors what makes you think I want to buy it on a LC for $1500/down, plus this home is in a renters area and needs work. Then I remembered an article by William Bronchick “Lease Option a Junker” perhaps I can do this on this particular property and make a little profit. Any feedback???