Thinking outside the box...could this work and how?

[Eric Armstrong]

Had an idea recently when looking at houses that have been on the market for 180+. Many of them seem to be priced right but could use some freshening up. My thought is, is it possible to go to the owner, have an agreement to come in and spend 10k freshening the place and when it sells, get my money back plus an agreed upon profit? My thought is that the agreement would need to include that they must agree to sell the place. I would need to be a payout on the insurance in the event something happens to the house. What other types of things should be put in place to protect my investment? Any possibilities here or is this idea a dud? Thx

[Larry F.]

Great idea. You have to make the case to the owner that your service will increase the desirability of the home. Many sellers are highly leveraged into their homes and may not have the extra proceeds from the sale of the home. For your protection, I would attach a invoice and contract that can be collected at the sale of the home. Please make sure that their Agent is on board with your agreement. To your success!

Larry F