Senior wants to sell home but wants to remain with services

9 Replies

I had a senior couple contact me the other day asking if I wanted to purchase their home (they live right next door to one of my rentals).  They love their Home but feel they cannot keep up with the caretaking tasks.  

While brainstorming I offered up the idea that if they sold it to me and became renters paying a rent per month plus an extra monthly fee for maintenance that I could handle things.  

They lady’s face beamed.  Has anyone done this type of thing and if so can you give me some ideas, please.

This seems pretty straightforward that you would just be buying an off market rental.  Once you tell her what the rent and I'm assuming "gardener fee" are she may be less excited.

I wonder if some sort of seller finance deal would work here. They carry the note, but instead of a mortgage payment the "payment" becomes a credit toward their rent and their rent becomes your rent amount minus the mortgage payment. That makes their out of pocket costs lower vs having a large rent payment.