@Sharon Deloris What does the lease specify about the right to renew...do they have a the option to renew? If not, you can move forward and elect to not renew the lease.
As far as offering financing to an end buyer...do you own this property free-and-clear?
If yes, a purchase money mortgage may be a good option...originate a note/mortgage to your end buyer...structured on a balloon you're comfortable with. We typically look at these as 36-48 month balloons on a 30-yr am schedule...7-8% interest...10-20% down...
Alternatively, you could structure a lease with an option to buy....same basic concept but it works differently...contract for deed offers the seller the most protection because you hold title until the terms are satisfied...and there are a few variations of each...just depends on what you're comfortable with.
@Brandon Sturgill thanks for this awesome feedback! I own one out right and the other there’s still a mortgage so you’ve helped to answer both scenarios.
@Sharon Deloris Have you got a plan together on these units yet?
Not exactly. I’m looking at possibly a 5%-8% down payment against my purchase price with a 2 year lease agreement.
What recommendations do you have in mind?
Updated almost 3 years ago
3% to 5% actually