Today I had a person contact me that was involved in an investing group that bought into a new home project with a bunch of other investors. They each bought one new home with construction loans anticipating the market continuing to rise. Their plan was that they could refinance and sell the homes for a very large profit.
The only problem was the market softened in the area that the homes were for sale. This area is about 100 miles from me, so I was unable to help her besides giving her ideas how to possibly get herself out from under her current situation.
My suggestion was for me to help her find someone that could help her purchase the home and then do owner financing on the property. This way, on a 5 year contract, she could make up to $100,000 in interest over the next 5 years. This would also get her out of the situation of having to come up with $3000 a month for mortgage payments that she doesn't have.
You see, she didn't have an exit strategy if the market started to turn before the project was done. Whenever I meet with my clients about investing, I suggest they have an exit strategy that involves a way to get out without losing their shirts.
For more information on purchasing investment property and exit strategies, please feel free to e-mail or call me anytime.
Todd Clark (Broker/Owner)
The Friendly Home Team
Realty Pro, Oregon LLC
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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