I came across a brand new Home (550k)from a referral. Because the house is one of the largest in the area and average house is around 400k. The seller had this land and decide to build a large house for him and his family to stay. Unfortunately they decide to move to another place. The house is free and clear, it was on the market for 3 times and did not sell, because it was not in the neighbour hood range(400k~460k). Although the price per sqft is within the range.
The property is free and clear.
He doesnt need all cash.
He will like to make use of equity.
HOW CAN I HELP HIM SELL THE PROPERTY? Or buy the property for myself using some creative ideas, maybe reinvest some of the equity into another project and use my share profit as payments towards purchasing the home?
@Matthew Yeh use it as a down payment. He is a buyer, not seller. Make offers with house on 2m and up property.
Will you actually make money renting out a 550k house? That would cost me at least $1,000 a month just to pay the mortgage.
What's your goal with the property?
@Jason Dillard thank you.
@Frank Geiger I wanted to make use of his equity in that house( since it’s sitting in the market for so long). Possibly help him buy 3 smaller houses and rented out.