I went to a Wendy Patton meeting on Sat. and enjoyed myself. I wanted to ask a question but she had way to many people trying to ask questions as well.
Here is my question.
I find a house and the seller will do a L/O with me because he wants the house gone. Lets say the option price is $150,000. I don’t want to pay any more than $$600 to $700 per month. My reason is the house will not rent for anymore than $995. If this was a normal mortgage the Payment would be closer to $900. (piti) I believe I may be making this harder that it needs to be.
How do you set your monthly payments? Does the seller think more along the lines of a mortgage or do you just offer what you want for the monthly payment? Is there an accept way? I don’t want to blow a deal.
Thank for your help.
The seller is going to want your monthly to cover any underlying mortgage payment they may have plus some monthly profit. $600-$700 is pretty cheap for a 150K home. Basically its whatever makes a win win situation for the parties involved. When entering this agreement make sure there is a phrase that allows you to sub-lease. Have you ever considered a sandwich lease option? Herbster
Have you considered sending her a PM? She’s a member here…
Keith