Posted by Michael Morrongiello on September 09, 2009 at 19:30:06:
Henry:
Your Exit stratergy could be any of the above and more…
What are YOU wanting to do?
- If it is to make some quick CA$H, then get it under contract at a VERY low Wholesale price and then Assign your contract to another end user investor (perhaps a landlord type) and earn an assignment fee.
*If it has good RETAIL resale potential AFTER its cleaned up and fixed up, perhaps you can get the sellers to agree to SELL to you;
- For Cash
- By them offering you seller financed terms
- By you simply getting and OPTION to buy
You then fix up and renovate the property, SELL it and then pay off the property sellers (and or excercise your option to buy)
- If you can get it bought from the sellers with THEIR providing you longe term fixed interest rate seller financing, then you can clean up, fix up, or sell to a handyman who will do that work and create an income stream by taking back a WRAP AROUND loan which will wrap around their longer term Note debt that you still owe to them.
Do you homework, and pursue what is most doable for you given your situation.
Continued best to your success;
Michael Morrongiello
Paper Practioner
www.sunvestinc.com
Author of the following home study courses;
Paper Into Cash - The Convertible Currency - How to Effectively Create Marketable Real Estate Notes
&
The Unity of Real Estate & “Paper” - Advanced techniques for both the acquisition and disposition of properties using Real Estate “paper”