I recently purchased a new home here in California to quick turn, but the market here is slowing down a bit, so i’m thinking to hold on to the property longer and get my money back with some ROI. But i am having trouble getting it leased. My mortgage is 2080.00 per month. What i decided to do is ask for more money down to lower monthly payments. Any suggest ???ions?
If you do a lease option, you can ask for up to $10,000 as the down payment and still have the tenant pay the full mortgage. Actually 2,080 is not a lot for an opportunity to buy a new house.
If the option is for only 1 year you could charge $5,000 down. and or two… to give the tenant an opportunity to clean up their credit of finish a divorce… so they can purchase the house. The good thing about California is a lot of people make a lot of money but have bad credit so they have a problem buying a home.