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Forums » Make Deals, Find Partners, Mentors & BirdDogs, etc. » ADVICE ON $10000 DOWN LEASE OPTION

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Ray Steele

Homeowner · taylorsville, North Carolina


Forum_avatar_avatar-newone20

Jun 09 '11, 12:39 PM

Have a property i can buy for $130000 cash,problem is i do not have the money to buy or have 20% down.But,owner has a buyer with a $10000 down payment,will pay $1200 a month for 24 months then close on the property for $120000 he also pays taxes and insurance,is this a good enough deal to present to investor to buy then lease the property with same numbers,seller wants cash does not want to lease.property is in great area nice home 4bd 3 full ba 2 acres 3000 sqft,wont last long thanks for any advice.Or is anyone here intrested,home is in nc


Steve L.

SFR Investor · Rancho Cucamonga, California


Forum_avatar_avatar-cucaloco

Jun 09 '11, 05:14 PM

So your best case scenario is a $1,200 * 24 months. That is a 28,800 return or 24,400 yearly. Works out to 12%.

There is so much that could go wrong. You don't mention how much the house is worth? What happens if he cannot qualify in 24 months? You got to get him out.

A lot better/safe ways to make 12%. Why should the owner get the benefit of all cash.

The average investor here would be looking to pay 80k maybe 90k for this house.




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