Investor · Milton, PA · Member since 2013 · 110 posts · 20 votes
I am currently working on a deal with a seller right now. They originally listed the property earlier this year but couldn't sell it. They are currently renting the property for 1100, in an area that could easily get 1300-1400. The listing price before it was leased was 190k, and in looking at comps that is a fair price. The home could probably sell in 2-3 years for 215 or so with a few updates.
Details:
4BR/1.75ba
1600 square ft
2 acre lot
built in 1997, fully remodeled
Seller has disclosed that they will go down in price for the home, and that they really want to get rid of it. I am thinking of offering 165-175.
The real question I have is I am interested in proposing a new lease offer to the current new tenant. I would like to propose a lease to opwn option. Does anyone have any experience with lease to own? Do you feel this property is worth pursuing?
Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
@Shayne Brescia I am not personally familiar to rent to own. It sounds like you are unsure of financing an option like this. I would read a couple forums on this issue because it will enhance your knowledge especially for your area. Different laws and local nuances occur in different cities and municipalities so join your local REIA club, obtain a mentor, or partner up on a deal to complete your first, second, or even maybe third one. There are a couple people who have blogs on being a landlord.