Need educated opinions please. As a somewhat novice investors my wife and I have 1 rental house that is rented. We recently had a lease purchase deal go through on our primary. The plan was once we had a lease purchase buyer on our primary, then we would buy a property to fix and sell.
But…supposedly from the recent changes in lending practices we’ve been told by short term and long term lenders that we no longer qualify.
I really do not want to rent, and we are running out of time as we need to be out of our primary by early May. Maybe rent something month to month until something opens up in the lending industry? But who knows how long that will be?
exactly what i was thinking. don’t let the weasel lenders push you around. buy a house “subject to” and you won’t have to qualify for a loan. maybe a foreclosure. bring the payments current. or maybe you’ll find one with a big juicy second mortgage you can discount. you never know until you try.
Have you tried talking to the people that L/O’ed your primary? Maybe you could just explain the situation, return their option money and stay. It’s amazing what simple conversation can do sometimes.
Even if they aren’t very understanding (or caring) of you situation, it’s possible that you could buy them out of the lease. May be cheaper than bringing current another loan on another house.