How to purchase this home
Hello BP family--HELP!
I have an opportunity to purchase this home from a family frIend that has it now as a vacant rental and doesnt want the headache as hOUSE NEEDS EXTENSIVE RENOVATIONS. The house has DOES HAVE good bones, A-neighborhood with close to 2 acres land space. Here is the dilemma:
1. It’s a 2 bedroom (too small for my family to lIve in or house hack RIGHT NOW)
2. the seller owes more mortgage than the house IS worth to purchase and flip (70% rule)
3. The comps in the area are lower than the ARV NOW.
BUT I WOULD KEEP IT FOR MY PRIMARY RESIDENCE, AS THE LAND SPACE AND LOCATION IS GOOD AND WITH TIME MY CONSTRUCTION COMPANY CAN FIX IT SLOWLY.
PLEASE ANY HELP TO STRATEGIZE THIS WOULD BE HELPFUL.
(MY KEYPAD IS STUCK ON CAPS SORRY)