Real Estate Broker · MI · Member since 2015 · 209 posts · 16 votes
Hello all,
I have a home in Warren. I was going to list it but I recently spoke to the tenants and found out they've been living in the property for 10 years and want to buy it via lease option if possible paying 1100 a month........ They have 10k to put down and they want to buy the home in three years with a mortgage. The home is worth about 175-180k fixed up. They want to buy from whoever buys it for 157k I'm selling it for 142k as I wasn't able to negotiate the price because the current owner really needs money for another project. What do you guys think I should do and is there anyone here willing to take this on? Thank you
Rental Property Investor · Durham / Raleigh (Triangle), NC · Member since 2015 · 840 posts · 801 votes
7y
Hello @Daniel Elijah Richardson - So how did this turn out? I once purchased a rental home in which the occupying tenants had been there for years and wanted to purchase via lease-option. However, it becomes difficult to make that work when I needed to improve the property significantly to get the appraised value I needed to get my money and profit out on a 75% LTV refi.