How Do I Do This ?
We have a house that we are looking to purchase for investment and here are the details
2 / 1 /1
Owner wants 35K plus the usual closing cost. As she is not able to find a new place just yet, she is asking if she can rent it back after we close at 600$. The rent in the area for a 2/1/1 goes for about that price.
The property is in good condition, no major work less the usual paint/carpets and some general cleaning. If we were to buy it outright we were still looking to do a rent to own.
How can i make this a win-win ?
Sounds lke a money maker from the go....and if you rent back it is a win win....(unless she is unable to make the payment) Just curious if that is a fair market price or under market for your area........if it is fair market I am in the wrong side of the country..........out here is CA anything worth 600 a month will cost you at least 100k give or take 10k...making it very difficult to find rental properties
Let her live there on a month to month lease until she finds another place. Make sure she gives 30 day notice. Lacking a lot of info about the purchase but I guess you could sell for $65,000 and collect $650 in rent/option money maybe even $700. This is just a guess based on rentals in the area. What is the value and condition of the property? What about debt on the property? How motovated is the seller? She may take less if really motovated. Find what she needs. She may only need a downpayment for another place and may finance part of the sales price giving you a possible zero down deal. Just some ideas and questions to ask to help the deal maybe become a better deal
Good LUCK and Thank You
Hope this helps some
Ted Jr