Seller wants possible lease option
Hello everyone,
I received a call tonight from a seller who is in a financial hard place but does not want to move from his home. He is need of cash and he figures this is the only asset he has to leverage.
The property has appraised for $270k (comps support that even though its in a rural part of Southern California) and he owes $170k on the property that he pays $1,500/month on. He would like to have the option to purchase the property back at a later date and would be willing to make a monthly payment but he understands he might have to move if not now but down the road.
I need advice on what I should be asking him to move forward or if I even should move forward. On financing deals I am still not well versed so any feedback would be great on how I can get creative on this deal.
My exit strategy has been wholesaling but I am open to suggestions.
Thanks