You actually aswnered your own question you could get an option to buy the home say 30 day option to buy an option to buy is not an obligation on your part it is however an obligation for the seller to sell . when you get an option then you can assign ( sell your position in the option agreement to another investor for a fee), or you could always lease the home with an option to buy this is one better then the strate option for you because you get cashflow in this deal given your example there’s about 20k in profit to be had if you leased it with the option to buy then subleased it to a tenant buyer you can get that profit for yourself provided the seller is willing to do it there’s been books written about lease options just to get a better idea of what i’m talking about go to www.resultsnow.com they have a free book in pdf format then once you have a basic understanding you could always go to www.legalwiz.com to get the forms you need (i’m pretty sure they have the ones needed for free)
Newbie’s Options…Need advice - Posted by Christian
Posted by Christian on October 08, 2002 at 19:46:19:
Question for you all. If I come across a property where the seller is motivated, moving out of town and wants to lower the price to sell fast ($87,000)…and I don’t have the money to buy the property, what are my options. Assuming the home is in movable condition , and the Market Value of the surrounding homes are $110,000 what are my options? Thanks in advance all…trust me, you’ll be getting more from me along the way
Assuming the property would even sell for 110k there would be 13k left on the table. Not nearly enough to justify the risk you would be assuming. you would need to get it in the low 70K range or even lower to make it worth your while.
