I have a deal in Canal Winchester/Columbus Ohio that is a 3 bedroom 2.5 bath 2 story home in good neighborhood built in 1996. The owner owns it free and clear. He is open to any ideas i can come up with to finance this property. He is asking 72k wholesale its worth 115k retail. With 15k in repairs. He is even willing to let me pay for repairs no money out of pocket to buy house with a first mortgage note as security and when we sell property we split profits. Could i possibly get a loan or something and make them first lein holder or and just pay them back when house sells?
James, you would need to "tread lightly" if you are planning to sell this retail to an end buyer and split profit with the owner...unless you are a licensed broker, it would be considering brokering a deal.
On the other hand, this is a good seller finance scenario, it just depends on what the owner wants out of the deal...cash now or payments. Ultimately, you need to decide what you are going to do with this house...wholesale, wholetail, seller-finance, cash-flow, etc. Any thoughts on what you want to do? The numbers you provided are not good for a rehab/resale, but maybe for a buy-and-hold...depends on market rents.
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