Seller finance vs Renting thoughts ?
Hello everyone, I just wanted to hear some opinions because I’m trying to figure out what my next move should be. I bought my first single-family property, without really understanding what I was doing, about four years ago. After making the very naïve mistake of letting family rent my home and having them damage a lot of the property, my friend who is a contractor ended up moving into the property with his family and fixing the damages with the agreement that I would purchase the materials, and pay him back the cost of the labor with discounted rent. So fast forward to now I have finally finished paying back the cost of the labor, and I drafted a six-month lease with the tenant to buy me some time to figure out what I want to do with the property next. The tenants have expressed that they want to buy the property because their family is already moved in and comfortable there. The tenants have expressed that they are trying to work on fixing some things with their credit so that they can take out a mortgage and purchase the home.
Coming home soon from a deployment I’m not really sure what my next step should be regarding the property. If my tenants want to purchase the property, and being they did me a favor when I was struggling with the damages, I feel as though I should work with them. I’ve considered seller financing however I don’t know much about it. I also can’t help but wonder if perhaps I should put it on the market after their lease is up anyways to see what offers I get? Moving forward I will not be mixing business with family and friends, but for this property, I want to do what’s best for everyone involved. I just don’t want to make anymore decisions based off of emotion. I would really appreciate any advice and different perspectives! Thank you all.
Julissa