There are many ways you can buy properties and sell them for a profit and one of the biggest is buying a fixer property, fixing it up and selling it. But, you can even make more from the property if you sell it on a lease option.
I, myself, have just bought a fixer condo that in less than one year, with only about $5,000 in repairs, I will be able to lease option for a two year period and make close to a $35,000 profit.
This is how it works. First I am lease optioning the property with the right to fix it up and then purchase the property at a set price. The price is $17,000 less than current market value and then I will purchase the property on a traditional loan. Then, I can take out the equity and put a down payment on my next fixer. I also get all the tax benefits for the next two years while I am lease optioning it to someone else.
During that time I will be making $100 a month positive cash flow from the lease of the property, getting the mortgage deduction on my taxes, and then selling the property for $32,000 more than I bought it for at the end of the lease term. The $35,000 profit I plan to make on this property doesn't even include the tax deduction or if the buyers decide not to purchase the property at the end of the lease.
For more information on making money from lease option fixer properties, please feel free to contact me anytime.
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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