[Hank Baltar]

Hank Baltar

In my world, the 20 day option is very short. Because of that, I’d be overly happy with the $3k assignment and then go do it again.

Looking forward to see what others write ……….

[Mohammad Asaduddin]

Mohammad Asaduddin

I got a twenty day option sbject to a home equity loan. The details are: ARV 130K, repairs 2K, mortgage bal $80249/, MP $563/ no escrow, purchase price 86K. Should I do highest bidder sale as is? I have an invester who will pay me 3K assignment fee, buy, fix up and sell and give me a share of profit. What should we watch that Mortgagee does not call the note due? Thanks.

[Anonymous]

Anonymous

Hank

you are right, 20 days is a very short option for this kind of deal. A 60 day option would have been better. Or at least a 30 day with the right to renew for another 30 days.

There’s a lot of equity in this house ( if the numbers are accurate) so I’d want more than $3k to give it up.
This would also be an ideal keeper as a rental property. In houston, this house could fetch $1200 a month in rent.

Only when you are wholesaling a junker house is a 20 day option appropriate and such a low low assignment fee.