I’ve recently come across a potential opportunity but I’m having difficulty finding the best solution. Here’s the scenario;
A tenant has been in this particular property for almost 3 years now on a lease with the option to buy. She pays $700/mo (includes water and sewer). Her landlord takes $200 of the $700 and puts that towards the purchase price. The other $500 goes to the landlord to cover the current note. The tenant originally put down $4000 to get into the property. The landlord wants to sell the property for 79k but has offered it to the current tenant for 59k utilizing the 20k she has already put into it over the years. The other properties in the area are going for 80-90k. The tenant would love to stay in the property but due to credit issues, she cannot obtain a loan for the 59k needed. Can anyone offer any suggestions? Thanks!
Harddawg