Ever get a co-signer for a L/O?

General Real Estate Investing
1

Got a couple that is fresh off of a BK and foreclosure. Ouch! Long story short…they want to buy my rehab on a L/O. They can put 2.5K down and pay 800.00 per month. L/O are great but these folks are fresh off their disasters. They said they can get a co-signer for the agreement but I don’t have experience with co-signers for L/O just my mobile homes and other rentals. Any suggestions? If I do this do I just do an amendment to my agreement? Etc. Thanks,

Nate-WI

2

I have nothing to offer on the co-signer part of your question but I have a suggestion overall. If your rehab isn’t finished, make them put in some sweat equity as well as the $2.5k down, just to make them put more skin in the game.

3

Its been on the market for 3 weeks. I passed on them. A BK and foreclosure is to much for me to take a risk on.

Nate-WI