Seller want $2,000 down take over payments of $450.00 a month. 18 month lease.
Asking price $59,000 Arv $100,000
Rents arv $700.00
Repairs cost aprox $3,000
Wanting to hold on to for income.
What do i need to ask?
What do i need to have in the contract to cover my interest?
Does this even sound like a deal?
Whats the rent credit?
Do you have an opertunity to extend the lease if needed?
Get a memorendum of option or performance mortgage.
Have a clause so you can assign it to someone else if you need to.
Good deal? maybe
herbster
I will ask for $100.00 rent credit.
A memorendum of option or performance mortgage. Can you help me understand this part?
Have a clause so you can assign it to someone else if you need to. How do i word this part or is it a seperate part?
Thanks
There is too much equity in this property to do a lease option. The seller is basically asking you for moving money and to take over the existing mortgage.
This is a Subject To deal. Pay the seller $2000 for the deed. Get the property in your name. Take over the mortgage payments, and put your renter in place for a positive cash flow.
Dave is right. But for your info. on the LO don’t tell the seller what you want the rent credit to be, let him tell you and hope for more.
For the Memurandum of op. and the Perf. Morg. just do search.
herbster
Now another question for this one.
How do i find out if there are any leins on this property through the LLC that it is on title with?
Order some pre-title work.