florida_fixer

Michael That was about my thought on the matter. But being that I am very "green" in the matter of real estate. I wasn't sure if there were angles I was missing. I spoke with my attorney friend (who doesn't specialize in real estate) and his opinion was low ball and sit on the property. But that entails me personally risking myself, to risk issues that could (and probably will) arise. However, after running across this great forum, and ready the various approaches, I started wondering if your CA or LP route puts me in a position to create a win/win/win. However, I am sure that anyone entering into the option would have the same concerns and therefore, create one extra hurdle for a first timer like me to deal with. Thank you for your response and might I add, yes, this board is rather has a way of keeping me from doing other things.

I must say. I have spent more than one hour browsing through this forum and am totally astounded at the knowledge and courtesy of the members for all issues, small to large, complex or simple. That said I would like to toss my hat in the ring with a situation that seems to be unfolding across the street from me and one that I would like to play my cards right and make a profit from, if at all possible. People purchased the house sight unseen about 9 months ago for $133K and have put almost $25K into the house, lets call this house "A". The house next to them, on a bigger lot sold for $190K (2b1b, 1000sqft), call this house "B". Also the survey shows that 7 foot of the property for House "A" belongs to the people that bought house "B". House "B" did $50K in repairs and is ready list for $325K, not a bad deal for them. House "B" has told House "A" that they intend to put up a fence on the property line, which is now in House "A's" driveway. That said, House "A" is getting frustrated, mainly due to their lack of due diligence and are contemplating two options, a.) selling; or b.) renting. Selling: they feel (per their realtor friend) the market would pay $225K, my guess is more close to $180K maybe $190K in another three months. Renting: they feel (per their realtor friend) the market could snap $1,600 per month. Highly suspect at best. 3/2 houses on bigger land in more choice areas are going for $1,200, some with a pool. 2/1 Houses in the area are seen quoted at prices of $700-900. Needless to say, I think a deal to be offered is prudent on my part. If at a minimum, I could control who rents the place and what not, hold the property for a year or two, and make a sale. On the other hand, I would think something along the lines of making an offer to purchase the home for $180K, with owner financing whereby the seller retains the first and holds a note on the equity, me entering into a lease option agreement whereby I sublet to a prospective buyer, for a purchase price of $225K, and after 6 months (you call it seasoned right???) make the sale. Am I on the right track? Do I see it right? Am I not seeing something? What angle am I missing? Once again, I am so glad to have found this forum, and am looking forward to learning many new things.