Lease Option Wholesale Minnesota
Hey Bigger Pockets,
I recently found them off-market through a Facebook group that is being sold. If your contacting me the poster and getting some details it turns out that the tenant has been living there for several years and loves the property but because he is currently starting a new business he's not eligible for a mortgage. He seems to be a good 10 to otherwise and I've brought up the option of a lease option seeing if you would be interested. I thought especially given the financial turmoil right now it might be a good situation to a lot of tenant in for like three years and then being able to sell the place at a fixed price.
after running the numbers seems to be a moderately good deal out like an 8% return with about $150 to $200 cash flow per month The property is being sold for $190,000 and needs cosmetic updates.
Now this isn't really a deal that fits my personal qualifications (Multifamilies that I can buy and add value to). So I would like to wholesale it with the lease option setup. Is that something I can do? Or would I just have to sell the place and bring up the lease option option?
Thanks for the input!