OfflineHello All,
I am in need of some desperate help in putting this deal together!!
Property 3 Duplexs currently with tenants generating positive cash flow.
Seller: Motivated to get out. His wife does not want to manage the properties. He is very open to lease option. All he wants is to walk away free and clear.
He currently owes more than the property is worth.
My solution: A ten year lease option with an offer to buy at just below market value. Offer $2000 a year for a total of $20,000 at the end of the contract. Additionally, I will be paying his morgage for 10 years reducing the overall morgage on the properties allowing for him to walk away from the deal free and clear.
After all my costs I should be walking away with ~$500 a month.
Exit Strategy: Will be trying to get another tenant buyer in there (with a 3% down payment)or just sell the properties.
I am looking forward to see what others have to say, hope to form a rock solid solution.
Thanks
Darin
with your contact information and I will go over some of problems you are going to cause yourself with your current direction. It can be completed the way you want but I almost guarantee you the sellers are not telling the truth. Also, complete your profile information so we know some basic information about you.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Hello Bill,
Still somewhat new to the site. I appreciate you taking the time and helping me out with this. I will send you a personnel message shortly.
Best
Darin