How To L/O With No $$ Down
Hello everyone,
You guys are great. I am going to give L/O options a try. What I want to do is L/O a house from a couple who is motivated to sell their home, but I want to put a tenant right into the home, so I don't have to come up with any money up front. How would I do that?? Would I advertise for a renter first and then when I have the renter then sign the L/O papers with the seller? What are the downfalls of doing it this way? I am new to this and of course I have a pair of rose-colored glasses that make everything seem to work out okay in my mind. That is why I thought I better ask you experts what the best way to approach this would be. The diiference between my L/O payment to the seller and my rent payment from my tenant would be at least $200 monthly in my favor and I would sell it in a minute if I could make a buck or two. Please www.advise.Thanks
Hello and thank you for the response. The house that I am looking to do this on is on the market for $67,500 and the buyers are motivated because they are a young couple now paying two mortgage payments per month. Do I tell them that I am running an ad on their home, because the future tenants are going to want to walk-thru before they decide to rent to own it. Also, do I make it all come together at the same time, so that my tenants down payment will be used for my down payment to the seller? Wouldn't $5000 down be a lot for me to ask a tenant on a $67,000 home? Also, would the high payments that I offer the seller be covered by the tenant's payments to me? Thank you for your time.
Hi
I use 3-5% of puchace price for d/payment
just my 2 cents.