Need help structuring an offer!
So, I recently had a conversation with a client of mine about her wanting to sell her triplex. She currently lives in one apartment with the two other apartments rented out, bringing in $1,125 not counting her apartment.
She expressed an interest in selling it, but was worried that a new purchaser would buy it and charge her a higher rent than she is willing/able to pay, and leave her with nowhere to go.
My thought is to offer her to sell it to me on a lease option. Maybe $87k, with $2k for the option to purchase for $75k in 3 years. I would make the rent payment due to her the same as what I would charge her, essentially letting her live for free and I would assume 1/12 the taxes, insurance/water/sewer charges per month and leave me with a net profit of about $350/month after maintenance reserves and expenses. Plus I would handle maintenance and repairs, etc.
Now, I feel like I'm about as low risk of a buyer as possible for the area, but is it safer for her to do something like this with me than to give me a straight mortgage?