Hello everyone,
I`ve been presented with an opportunity but I`m not sure what to do. Here are the details:
1) A colleague of mine is looking to purshase a single family home from one of his friends. This friend is in a financial bind and is willing to sell the property for $115K, the market value is about $150K.
2) The owner need the cash ASAP, he`s in debt and needs a quick turn around
3) My colleague is not sure what to do and has asked me to come in on the deal
4) I`m maxed out at the moment and cannot go on any another mortgages however I`d be willing to go half on the down payment and legal costs
5) My colleague could finance himself
Choices:
1) My colleague can flip the property and probably make a small profit
2) My colleague could hold the property and try to rent it out (not sure on all of the numbers at this moment)
I think this would be a great opportunity for a rent to own situation. The problem is that I have never done a rent to own before and not sure how to put it together. Can anyone point me to a resource that would guide me through such a thing? How does one learn how to structure these deal?
Thank you,
Tony
I`ve been presented with an opportunity but I`m not sure what to do. Here are the details:
1) A colleague of mine is looking to purshase a single family home from one of his friends. This friend is in a financial bind and is willing to sell the property for $115K, the market value is about $150K.
2) The owner need the cash ASAP, he`s in debt and needs a quick turn around
3) My colleague is not sure what to do and has asked me to come in on the deal
4) I`m maxed out at the moment and cannot go on any another mortgages however I`d be willing to go half on the down payment and legal costs
5) My colleague could finance himself
Choices:
1) My colleague can flip the property and probably make a small profit
2) My colleague could hold the property and try to rent it out (not sure on all of the numbers at this moment)
I think this would be a great opportunity for a rent to own situation. The problem is that I have never done a rent to own before and not sure how to put it together. Can anyone point me to a resource that would guide me through such a thing? How does one learn how to structure these deal?
Thank you,
Tony
