Need help with upscale house for sale

[MiguelMartinez]

As investors I`m sure all of us have told our friends and relatives that we buy houses. My father inlaw has a house in an upscale neighborhood and he`s giving us first shot before going to an agent. Here are the details.
5,000 sq ft house in upscale neighborhood in London Ontario, 4bdroom, 3 car garage. Similar homes in the same street have sold for 890,000, he`d like to sell for market and is willing to hold back a second mortgage.
I need all your creative ideas as to what to do with this property or better yet what some of you would do if you were in my shoes???
Please forward all your ideas, we`d greatly appreciate it.
Miguel

 

[MikeMcCrae]

Yes it is true we buy houses. We don`t buy any house at any price though. If you are to buy a house there needs to be a good reason for it. Does the house cash flow? What is the purpose of buying this house at market price? Even though he is willing to carry some financing on it make sure it makes sense for your future goals. You can`t buy them all.

 

[MiguelMartinez]

Thanks for your reply Mike, absolutely right! The house does not fit any of my personal plans and it does not get me close to my personal Belize. However, if there is a possibility that I am overlooking or missing something or perhaps someone else has a system that has worked for them with similar properties. I would like some feedback before apssing on it.
regards,
Miguel

 

[invst4profit]

Find out if your father inlaw is willing to take back a second for a stranger. If so then find someone to buy it at market with a low interest second and have your father inlaw pay you a finders fee.
I don`t see any way to buy this at market and make money unless you want to live there yourself.

 

[MiguelMartinez]

Thanks, that sounds like a good plan and he`s on board with it. We`ll try it and see how it works out. Any thoughts on where I could begin??

 

[BHoward]

Does your father-in-law need the money?
What will he do with the money on the sale?

If he does not need the money soon ...

Perhaps ....

He sell it to you at market value ... holding the entire mortgage. (An Agreement for Sale)

You can pay no payments ... or ... some amount of payment that would enable the property to cash flow. (ie: $2000 per month).

On the sale in 5 or 10 years ... you pay him out.

This works ... if:
-he wants to help you and his daughter get ahead;
-he does not need the money ... and can spread out his capital gains;
-you beleive the house will appreciate in value.

Good luck ... it is worth thinking about.