I found the perfect scenario today... But
Okay, vacant house listed for sale. Vintage untouched 1954 where the original owners died and the kids are trying to sell the property through a realtor. Owner financing a possibility.
... The realtor is strong and knows the market. Been in the local area for 45 years.
Essentially he priced it as a "lot" and get the house for free since it needs a total remodel if not a teardown.
It is a HOT area even with the slow market elsewhere. Great great location.
Priced at 480K :shock:
Property still needs 60K for repairs. Luxury small house type of deal for a quick sale. Cheap will not fly in this zip code.
I figure only investors will touch this place. But I think 480 is high. Would it be too balsy to go 350 outright, or use the leverage of owner financing to lease option it for a 6-12 month time span?
480K for a first time deal is a bit scary... Then again the payback is potentially there for a flip.
Any insights are very much appreciated!