Please help! Need ideas to help make this deal work
Thank you for reading this post and giving any ideas you have.
My wife and I have a relative who would like to sell their property to us. This is a second property for them with a buildable second lot attached. Although this is a 2nd residence, they moved into it a few years ago so they could fix up their primary residence. However, they have settled in to this property and are having difficulty taking action to get their primary residence ready to move into and getting ready to move out of this property.
I have been trying to think of creative ways to make the purchase while allowing them some latitude in allowing them to stay for a time at least. But I need to fix the place up and maximize rent as soon as possible to make the purchase make financial sense. Any ideas?
Most Popular Reply
Hi Trevor - So it sounds like the issue is that they need to start taking action to fix up the primary? If you are going to purchase the house as a primary residence you can easily allow them to rent-back for up to 60 days and if it's going to be a rental then they can just be your first tenants. During this time are you able to help facilitate any of the work on their primary? Perhaps you could negotiate a lower price on the house in exchange for you helping to fix up their primary first. Not something I'd do with a random seller, but if it's family maybe it would work...