Posted by Edward Nolan (Ohio) on December 07, 2002 at 17:58:59:
In Reply to: Thanks again. Does your state have this posted by Dan on December 07, 2002 at 13:12:15:
There are sites in Ohio that have that too. When I first started this business I helped form a non-profit organization called The North Coast REA. This Real Estate Association has at least 50 people attending weekly. Most of the people are seasoned investors. We started with 5 people attending and grew from there.
Enough about me, about the rancher property...
You could still pick it up even at close to market value, maybe a few thou under even. Once you get it you could do a lease option to your potential new owner for a 2 year period of time. They would give you like 3k down and lets assume the mortgage was normally 750.00 you could charge 875.00 for positive cash flow. They could make the purchase any time within the 2 years at as close to 100% market value to give you a profit. You could even do this... if the owner still had the home you could do a 6 year lease option with them and then sub lease it out using the same info above. Pretty cool hugh?
The other in a less desirable part of the city, may be a potential flip type property. Flipping it to a contractor or even a seasoned investor would be your best bet. Only, when you flip it you are asking for a smaller immediate profit like 2-3k. The reason is, now the burden is on them. They get the bigger reward due to their work.
Stay tuned, let me know what happens next on these!
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