I am completely new to REI…I have been researching and absorbing as much knowledge as possible regarding buying/selling properties.but, I havent really researched much on Lease/Options.
Well, I have an oportunity to lease a home where the seller just wants out. He needs to move and is very eager to just get rid of the property.
We have not decided on a price, yet…But, The home is valued at about $145,000…and I believe we are going to settle a price around $115-120. I will be living in the house. But, wish to sell it when I get a better financing option(credit isnt that good), after 1 yr. In fact, at first he asked if I wanted to rent it for about $350 less than he pays, just so he can move. He was going to obsorb the rest of the cost. this is a friend of my family, so I believe that is the only reason he was willing to do this.
Can someone give me advice on what to bring to the table when we meet to determine specifics of the sale? also, what do I need to find out besides if there is a second mortgage on the property? I just don’t know much about how to structure the lease. I do think he will be completley open to any options that I present to him.
Thanks for any advice.
Harblack