We had a recent down turn of events that we are trying to make work to our benefit. We lost one income and we are thinking of how we can either sell the house (which we bought 7 months ago) or do some creative real estate deal to either rent or lease2buy and make it a plus for us. Any suggestions? ???
Without more info, this is the best I can offer.
If you just bought the house 7 months ago… You don’t have enough equity in it to sell and make a profit. ( assuming here)
You could Lease opt it out for a down payment with more than your payment to create a positive cash flow if your market can stand the increase. ( don’t know your payments)
Could rent it out with a rental price higher than your pmt for a positive cash flow.
You could try a FSBO and try and get bites for what you owe
Take a look at your local paper and call some FSBO in your neighborhood and the same for rentals and see what the going rate it.
We live in Northern Virginia/D.C. Metro and the house market is kind of busy. We probably don’t have equity to sell and make a profit but I have been looking at comparable homes (www.homesdatabase.com) that are going for 10- 70K more than we paid (570K). We went with a 1st (INT ONLY) & 2nd Mortgage (HELOC INT ONLY) with payments of 3200 combined.
Unconventional real estate transactions are new to us and we don’t know much about the lease2buy option. How hard would it be to set up a deal like that? Would we need to do that under FSBO or through a real estate agent?
Thanks for your reply!!!
In order for you to get compes, you would need to call a realtor to see what homes in your neighborhood have sold for of comparable size and ammentities.
Also check out the rental market with them for your area.
You do not need a realtor to so a lease2buy ( lease opt) as this is a CRI deal. The home stays in your name, the insurance is in your name.
You will need to be very specific in your contract as to what the terms are.
There is a wealth of info on this forum on lease options as well look at the free section on this site and download some free e-books on the subject.
Lease opt is not something you can just jump into without some knowledge. Read the books, ask specific questions giving all the details so we all can help you.
I wish you luck and prosperity in 2005 .
Happy to help where I can. If I don’t know the answer, there are tons of gurus here that can also help you out. 8)
Thanks again…I will take the advice and there will of course be more posts with questions!