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Ok, time to put our thinking caps on.
For $30,000 down and $1500 a month or $330,000 cash — I have an opportunity to buy a property which has a 5 bedroom 5 bath house in the mountains with pacific ocean views PLUS the property contains a casita ( small house) I can rent for $600 a month, plus a hostal with 2 private rooms $20 a night) and 4 dorm style beds ($8 a night), plus an apartment for $650 a month, plus a restaurant which is currently rented for $500 a month and it has a wildlife rescue facility with lots of monkeys and exotic birds.
The owner would like to keep it but can’t afford the payments. She’s ready to move out of the big house and in to house down the street with 3 bedroom house
Her husband left her a few months ago for a younger woman. So she’s a single mom with 4 kids and ready to move out of the big house.
If I buy it, she’s like to be a partner or do some kind of a joint venture.
Let’s come up with lots of ideas. Then I’ll let you know what I do
her deadline is September 1st or she will lose everything.
She says it was recently appraised for $850,000 but I have not verified that.
The house alone is worth more than $330,000
free and clear I’ve been told.
I have not talked to the owner who SOLD with the lease option yet. I wanted to get all my facts straight first. So I’m checking ownership records and checking for liens before I call.
This would make a great highest bidder sale but the tenant/buyer wants to keep everything except the house.
sales price is $330,000 – per the tenant/buyer. That is her contract price. She has to come up with $330,000 to cash out o September 1st or $30,000 to convert to seller financing.
I’m picking up the paperwork tomorrow to verify and doing my due diligence before I call guy who sold with a lease option.
He moved to Canada so I doubt he wants to have to come back here to deal with the property again.sales price is $330,000 – per the tenant/buyer. That is her contract price. She has to come up with $330,000 to cash out o September 1st or $30,000 to convert to seller financing.
I’m picking up the paperwork tomorrow to verify and doing my due diligence before I call guy who sold with a lease option.
He moved to Canada so I doubt he wants to have to come back here to deal with the property again.
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