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Updated almost 4 years ago on . Most recent reply

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6
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Paul Bermingham
3
Votes |
6
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Lease Option to Flip

Paul Bermingham
Posted

Hey, Paul here in SC.

Property price: $210,000.00

ARV: $290,000.00

Rehab: $40,000.00

Found a property that is held up by the FHA recording timeline. Recently purchased and the owners didn't understand how recording the mortgage affected resale. Here's what I'm thinking:

$10,000 down payment which is credited towards a $210,000 18 month lease option. Do the $40,000 renovation during the lease period and then sell the house and do a double closing.

I would love to hear your feedback and if anyone has done anything similar and what your experience was like.

Thanks everyone!

  • Paul Bermingham
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