Taking an option

[EQUITY NOTES 0]

Hi everyone,

 

wow its been quiet here lately

good chance to ask a question, if everyone is not on vacation

 

I ran across an investor who wholesales multiple properties.

 

i asked him for the right to take an option on a property (pure optionj) he said no problem he would sign one with me and does have some other properties coming up.He curremtly does not have a figure yet on some repairs but said they are not major and is looking for his repair people to get estimates on it.

One thing is I do not know prices on repairs but he will get repair estimates for me.

Knowing this would help me to market to end buyers or other investors interested in fixing and flipping a property.

i know the area and its ok not a war zone etc.

 

My question is should I do the option?

He has other investors also who may try to move it.

 

I feel I need the experience in marketing one of these and its local not more than a mile away from my home office.

Do you think by marketing it with our normal free ads etc I can compete with other investors to get the deal.

 

Thanks for taking the time to review this.

Tom

[MichaelC 160]

Tom, the first things you need to know is the value of the property as it currently is, then the cost of repairs and the after repair value. With that info then you are better able to determine if there is a deal there. If you target buyers are other investors you had better get that option at a rock bottom price or you'll never sell it.