OfflineJust negotiated my first lease option opportunity. But a little nervous about the numbers making sense.
Home is 3 or 4 bedroom. (one room has no closet. Can either b an office or bedroom)
1 bathroom
On a half acre lot
Fmv: 110k
Amount still owed: 97k
Average rent in the area: 850 - 1000
Note on home: 795 ( includes taxes and insurance)
Amount behind: $2400
This person came to me asking for help and doesn't want to go through forclosure but the numbers seem tight. Anyone with experience in this, I want to hear your thoughts.
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This doesn't have to be a sandwich lease, it can also be a subject to deal.
Mkt for a buyer of the property and they will take over the mtg payments for say 3 years, until they can get a mortgage at that time the seller will have the mtg paid off and won't have ding on credit. How this is good for you is......find a buyer with say 7k to put down, 2400 goes to getting mtg caugt up and 4600 goes in your pocket. There is alot of info on this sight re: subject to deals I suggest you read up on it.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...