Need help with this potential deal - Posted by Kris
Posted by Kris on June 17, 2001 at 21:33:35:
I’m in the L.A. area and I’ve come across a property in the lancaster area. Its owned free anc clear, says the owner. He’s asking 95k for it but said he’s willing to negotiate, its a 3bd/2b 1235sqft. built in 88. Kept in great condition. couple (owner/wife) living there have no children so the place has been kept up to near excellent cond. Says he would like cash but may be willing to take back a mortgage. I’ve done the comps but cant really find any in his area with similar sqftage and the prices of the comps in his area are all over the place. It seems to me that the homes that were recently sold in the area, at prices similar or, in some cases, more than what the owner is asking for, seem to be even larger in sqft, from 200 to as much as 600 sqft larger.
Can anyone out there give me some insite as to what i should do? The two options I was thinking about was trying to buy it with no money down then try to flip it for a few grand more and come out with some needed funds, or buy it and try to rent it to either a renter or do a rent to own deal.
Any suggestions or is this a dead deal? Any experienced that can shed some light on this one for me? I’d greatly appreciate it. Thanks a bunch