Heres the deal. I have a 2bdrm 1 bath house with a one car detached garage and good sized yard, in South Oak Cliff, Dallas.
I have it currently rented for $650/mo.
I ideally would like to sell it but I have a delima as I don’t want to list it on the MLS becuase I am going to do a refi, if I can’tsell it and If it put in on MLS then I have to wait 90 days to do the refi and who knows what programs will be around then.
The tenants can’t qualify for a loan and it seems as though thats the situation for most in this area. I was thinking should I try to market it to investors or go the owner occupied route? I want to cash out so I can buy more properties.
Any ideas??
You could try an installment contract with your tenants, so that they only had to qualify for a refi loan instead of a purchase.
If the lease agreement term is about to expire, you can try to find new tenants, and marketing it rent-to-own, and make sure you get them pre-qualified for the mortgage before signing the new lease agreement with them.
Best of luck,
GBD
I agree, lease option - lease purchase is your best bet for hood property if you want top dollar and don’t want to sell it to another landlord. Prequalification for a loan will be necessary if you want to guarantee that they will buy it due to the fact that 90% of lease options don’t actually end up as a sale. The only thing is I don’t know why they would lease option it from you if they can qualify for a loan.