I have a rental home that I own outright. My tenant really wants to buy the house and I’m considering it, but the only option would be for me to do an owner finance/lease option as his credit is not that great and I don’t think he has a down-payment (I’d point out that he’s always paid his rent on time and his brother, who’s credit is fine, co-signed the lease). The issue is I want to take some of the equity out of the property to buy something else. Can I do that while it’s under the lease option, which will be a muti-year deal?
Is this a mobile home? If it is how old is it? Is it on Land or in a park?Herbster
It’s a single-family home in a middle-class neighborhood.
If he doesn’t have money down then I wouldn’t sell to him period. Not borrowed money either. You should take your money out before you sell. If you take money out after the Lease Option that would be a little shady and I don’t recomend it. Herbster