Plz Help With 1st Lease Option
I have had an Investment property For Sale for the last 6 mos with almost no offers. My monthly expenses are $1300 and I have it listed at $225,000. Since the property sits vacant and does not generate any income I decided to look into Lease Options.
So far I have this Offer:
--Monthly payment $1550 of which $150 go toward the Down payment, which gives me a net of $100/month (1550-150-1300)
--Down payment of $7,000 (approx 3%)
--Closing within 12 mos
--Purchase price increased to $230,000
The potential buyers have decent credit and make $88,000/year combined and also have a VA Entitlement Letter towards the Down Payment for up to $36,000.
Is this a good deal and what can I do in order to increase the probability of them purchasing the House at the end of the 12 mos?
Thanks,
Simon
The Buyer is really anxious to proceed and are asking me to finalize the details! Anyone?
Thanks,
Simon