investor/tenant/buyer=me

[kasmand 0]

Hello everyone first post here so bare with me.

 

fsbo asking 145,000 in Florida 2025 sqft on 1 acre

owner paid 110,000 back in april 2011

18 month lease option, owner payoff would be 105-106

 

comps in the area 118-130

zillow and trulia put the house at about 142...

 

Owner had the house rented to a friend..well u know how that goes. Tenant left with 2 weeks notice, tenant was supposed to do

certain fixes on the house that never got done or was half assed done.

 

Owner is willing to do a lease option at 1300 a month or just sell. She has personal issues so she's somewhat motivated especially since the house is sitting empty.

 

The home needs some cosmetic work on the inside light fixtures, fans, she has kitchen cabinets that are sitting in the garage that need to be

put up. The flooring was DIY job I guess done by the previous owner nothing matches. garage door opener needs to be installed it on the floor.

 

Here's what I'm thinking

offer 120-125,000

option money-as low as I can...lol

1300 per month.

200 rent credit 200x18=3600

my final price 122,400

 

what she gets

payoff for owner 105 sale 125=20,000 profit

her mortgage is 800 from 1100=300 a month cash flow x 18=5,400

potential profit for her 25,000 plus option money normaly would go to the middle man

 

Now I would like to have the option of selling before the option runs out if I have sweat equity in it,

oh and she previously offered 105,000 which she turned down

 

I know there more to than that but thats why I'm here asking for help

How do I get this on paper?

 

Thanks

[MichaelC 160]

Hi, kasmand, and welcome to The Naked Investor.

First, you need to be certain of values: purchase price and rental market. Looks like you've done some homework with regards to this already. Pin it down and know your numbers, particularly any repairs that are required.

You say she is motivated so you need to push her buttons. In her case, like most homeowners we deal with, she needs debt relief. Emphasize this to her when you make your offer.

Organize your numbers on paper, organize your presentation, and make it face to face. Remember: if she accepts your first offer. . .you've overpaid.