Arv 600k under contract for 400k needs no repairs
What's the best strategy to go about this. A house that's worth 600k arv is now under contract. We got it for 400k because he wants to pay the mortgage off and just walk away. Wholesaling wouldn't be a problem since it's in a desirable area. Property needs less than 5 grand in repairs. Instead of doing a subject to since he wants the money now. I was thinking of taking the mortgage over in my name or a llc or a trust. Put it on the mls. Hold it for a few months until I sell it. Another option I was thinking of is keep it for a year rent it out for a year lease, collect some cash flow then sell. What other strategies can I do to maximize this deal ? Thanks guys
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If you take title to the property before you resell it, it will become a comp for your resale, and it's unlikely to appraise for much higher if you don't do any significant rehab. So, you'd have to sell it to a cash buyer in order to achieve any reasonable markup on the resale.