Starting to with Lease Portafolio
Hi,
I've been wanting to start a single home leasing business. A lot of my family does not have the means to buy so that's how I started with the Idea. My fiancé has a house with a high percent interest that was given to him by his parents but the house still has 165K left to be paid. Is it possible to buy it from him with my recently set up LLC or is it better for him to refinance? ( I've been wanting to add something to my portfolio but wondering if it would be beneficial to me - we will be getting married in about 3 mo)
Thanks
Most Popular Reply
Great idea. Done correctly, the SFH leasing business can be very lucrative.
If I'm understanding your scenario correctly... I'd suggest to have him call the lender & ask them what is the buy-out amount (generally lower than what's actually owed due to the timeline in which the buy-out can be received) and if it makes sense for you... You can proceed with the purchase.
Or
He can refinance and then sell to you, so that the purchase price satisfies the total owed balance.