Hi everyone.
I've found a tired looking unit that i think i can renovate and flip. The big problem is i won't really be in a great position to buy for about another twelve months.
I know i might be dreaming but does anyone think i could offer this and get away with it.
Advertised at @ $268k (but i'm almost positive he'd accept $250,000 today)
I offer... $25K today
Live in it for twelve months paying $400 per week ($20800) over twelve months.
At end of twelve months settle and pay $220,000.
Current rent appraisal is $260 per week but i do know his last tenant was only paying $180.
With these figures i believe i'm paying $25000 + ($140*52) + $220000 = $252,000.
So my questions are.
At what point in this transaction could i get the FHOG?
Does this all legally sound ok?
How do i approach this guy and get him to give it the nod?
If this structure is crazy what other avenues are open to me?
I've found a tired looking unit that i think i can renovate and flip. The big problem is i won't really be in a great position to buy for about another twelve months.
I know i might be dreaming but does anyone think i could offer this and get away with it.
Advertised at @ $268k (but i'm almost positive he'd accept $250,000 today)
I offer... $25K today
Live in it for twelve months paying $400 per week ($20800) over twelve months.
At end of twelve months settle and pay $220,000.
Current rent appraisal is $260 per week but i do know his last tenant was only paying $180.
With these figures i believe i'm paying $25000 + ($140*52) + $220000 = $252,000.
So my questions are.
At what point in this transaction could i get the FHOG?
Does this all legally sound ok?
How do i approach this guy and get him to give it the nod?
If this structure is crazy what other avenues are open to me?
Last edited:
