As a novice, I appeal to the experience of my fellow enthusiasts. Having happened upon an investment opportunity, while not yet fully equipped with the knowledge of necessary transaction mechanics, I’m posed with the need to learn quickly.
My seller fully owns the house (1400SF, brick front, nice neighborhood, north suburban neighborhood bordering Carmel, property in great condition, 10 years aged). His six-month listing produced no positive results (his ask was lofty), so I offered the lease option with sublease rights solution. My bid is $165,000, which he’s comfortable with, though expressed curiosity regarding the monthly cash flows from the tenant/buyer-to-be. I intend to post a rent-to-own ad, and option at $180,000 from buyer.
Please share thoughts on the following issues, as well as any other salient insight:
Given that my seller wants an idea of what monthly cash flows to expect, before signing the lease option, how might I go about determining a viable rent figure, accounting also for the option privilege?
I need a broker/lender who is very capable of creatively finding loans for those individuals/families who have less-than-perfect credit. Any solid contacts appreciated.
I need a closing agent/title co. that is tenured in double-closings. Any solid contacts appreicated.
Any/all thoughts welcome…Much obliged!