I went to go look at a property last monday on a home for rent ad i called. The property is a sfh 2br 1ba. Its not in the worse location. I meet the owners and they were pretty interested in the type of business i run. They told me they never thought about selling their home. They owe 20000 on the mortgage and the lowest price they woulkd be willing to accept in an all cash offer is 58000 but i know they want way to much. I dont know the exact FMV. Zillow its listed at 400000. They had previous tenants that damaged the place and their trying to get it rented by february. I thought maybe this was a perfect property for a sandwhich lease option since i dont have alot of cash and no credit like greg murphay. I asked if they would be interested in lease optioning and they didnt really know what it was, then they asked me if i was going to rent it out to other tenants and i msaid yeah and they said well u gotta make money too. I told them i would have a contracor come in there and give me a estimate of repairs and try to get comps before i make an offer and they agreed. Is this a good deal or should I just walk aweay and move on to the next. ANY advice please asap
I went to go look at a property last monday on a home for rent ad i called. The property is a sfh 2br 1ba. Its not in the worse location. I meet the owners and they were pretty interested in the type of business i run. They told me they never thought about selling their home. They owe 20000 on the mortgage and the lowest price they woulkd be willing to accept in an all cash offer is 58000 but i know they want way to much. I dont know the exact FMV. Zillow its listed at 400000. They had previous tenants that damaged the place and their trying to get it rented by february. I thought maybe this was a perfect property for a sandwhich lease option since i dont have alot of cash and no credit like greg murphay. I asked if they would be interested in lease optioning and they didnt really know what it was, then they asked me if i was going to rent it out to other tenants and i msaid yeah and they said well u gotta make money too. I told them i would have a contracor come in there and give me a estimate of repairs and try to get comps before i make an offer and they agreed. Is this a good deal or should I just walk aweay and move on to the next. ANY advice please asap