Creative Financing to purchase house I am renting
Hello all!
I currently reside in SE Portland in a 1500 SQ 5 bedroom, 2 bath house (tiny house for six people, a married couple lives here as well). There are a lot of people jammed into this house and that basically keeps my rent very low. I believe, however, my landlords have no idea how much this house could be renting for. Inner SE neighborhood, access to the new Orange line and Springwater corridor, it's a fantastic spot.
The landlords are VERY hands off and at times we worry that they might sell it. I'd love to get it from them before hand because it could be turning more than $3,000 a month easy. I would house hack as well.
The downside is its valued around 500K right now so I am not sure I want to try and give them that much for it. I am new to REI so I would want to get something like 1% return? What are some ways I could acquire this property? Do you think they would take $300K even if its valued that high? It's hard to gauge what they are thinking or what they know.