Prospect is asking about a lease option
hiya BP.
So I've been scouring the forums for lease option information. I have two properties currently and am n the process of finding new tenants as they are both vacant. I had someone email me about doing a lease with the option to buy a few days ago and it hasn't been something I've ever considered.
Little background on the property in question - it was my first primary residence and was purchased with VA financing. I have occupied the house for at least two of the last four years (it was built new in '11) and it also has rental history. It's in a great location, but my biggest problem is that the margins are so tight that it doesn't make me very much of a profit ( maybe $250/mo when occupied) I feel like of I could break even from a sale then I wouldn't be in a bad situation and it would clear up some financing abilities to but another property with better numbers since I've learned a lot more than I knew when I first bought.
So my question is, am I crazy for considering a lease option to get out from under a low performing property? If not, what do I need to start researching and doing to prepare for this situation? Any counsel would be much appreciated!