Need Immediate Help - Strategy
I have a deal that I'm looking at and here are the specs:
Townhouse, 3br, 2ba - Good condition
Comps reveal easy and quick sell at $120K
Current mortg. bal. $88K and Monthly payments $895
Will rent for $1200 plus
This is a little complex because its a divorce situation and one of them wants/has to stay in property for about 6 months while looking for a place to move. The partner who will be staying has already agreed to lease back from me for the duration of the 6 months. I am looking at Lease Optioning, and Subject To but prefer L/O due to familiarity. Anyway, one of them is demanding to get their name out of the title and wants nothing to do with it, however, if there's going to be any cash payment for equity, she wants half.
I would appreciate any help in structuring this deal because I see a profit
There are many ways to do this. Here are a couple of Ideas I hope will help.
Try making the person that has to stay take a second, no cash to them and you wouldnt have to pay the other person that demands 1/2 equity.
Try a seller wrap around where you make 1/2 profit payments to each (minus the lease of the one that stays)
Try assuming the mortgage already on the place and having the two parties take a second and third loan for any remaining monies they want.
Hope that helps,
Kyle