I have a house that is for sale with a realtor. I just purchased this house back in Jan 2005. I bought this to fix up and sale. The house has only been listed for 40 days but no bites yet.
I was contacted by an invester who wants to do an assignment lease option. He told me that he will put a renter in my house and within 3-6 months this person will qualify for a bank loan.
I’m meeting with him to discuss this option. Is there anything that I should be looking out for? The house is paid for and I’m in no financial need to sell this quick but I do want to sell.
You could L/O it out yourself instead of using a sandwitch person “INVESTOR” and you could make good cash flow, option money and back end money! 3-6 months wouldn’t be something i would do due to you wouldn’t make the appreaciation on the property in that short of time. I have no idea what this investor has up his sleeve so i can’t answer the WHY so short. But if i were you. I would sit on it until your contract is up with the realtor, than I would L/O it myself. OR You could become the bank and get a GREAT cashflow for the next 20-30 years!!
You have alot of options to consider here. If you need anymore advise. Put them on the table first and than sort them out.
To allow an investor to come in to be the middle man on something YOU could be making the money on is not the best way I WOULD do the deal!!!
Thanks for your response. The realtor is my wife so I can get rid of the contract at anytime. I’m going to do a little more research on L/O and I will sell the property this way.
Can I still pull a equity line out on this property and still L/O it. That way I will have my money and still make money on the lease part of the deal?
yes! you are so lucky!