Hey Guys.....Just wanted to get some opinions on what some think the "BEST" way to purchase this property is?
(I know what I think is the BEST, but I want to see what everyone else thinks..) So, Here's the Deal:
I Recieved a Lead from one of my AD's on Craigslist on Thursday, Guy seems to be "MILDLY MOTIVATED", But we'll see what happens, He wants to relocate closer to his J.O.B. Anyway, It's a Beautiful SFR, 4BR, 2.5BA, 2,300 Sq.Ft, Built in 1987, This Babby only needs approx. $10,000-$15,000 worth of REHAB done to bring up to RETAIL Condition(Roof Needs Replaced, Heating System Needs Replaced) Has New Carpet and Windows and the property resides in an EXCELLENT AREA. Homeowner Owes: 1st Mortgage of $200,300 and a 2nd Mortgage of $26,800 Totals: $227,100
Now, I ran COMPS of No further back then 6 months ago, and Most COMPS are LESS Than 1.5 Miles away with same Bedrooms & Baths, Square Footage is VERY Similar, In other words, the COMPS are Accurate.
When I Averaged out the COMPS to get my FMV or ARV, it came to: $321,188 -REPAIRS = $306,188 So, approx profit potential = $80,000
Now, Here's the thing, I could take this property "SUBJECT TO"(Which is my favorite way to aquire property, then WHOLESALE the property) Or I could Offer a "LEASE OPTION" on the property and SUBLET, Or I can just pay "CASH" and ASSIGN the Contract, give me your feedback.....SULLY
YOUR HERO, SULLY