I own and live in a townhome in Northern Virginia. It's a nice home 3 bed, 2 bath 2 1/2 baths 1 car garage, I must move soon. I am looking to get the most capital as possible.
PITI $1450 I expect insurance to go up due to the property becoming a rental.
Monthy holding $1540+
Monthly market rent $1600-1750
I was considering a Lease option or Lease Purchase agreement.
I have no idea how to write the contracts and have little money for Lawyers.
I've spoke with Realtors and property management. The monthly fees for management and a home warranty put me in the negative for cash flow.
I'm looking for some suggestions. Thanks!
Semper Fi Marine!
Use a Lease Purchase Arrangement.
1. Lease in VA, first and last month rent, set at market rent
2. Sale and Purchase Agreement in VA, today's comps
3. Lease Purchase Agreement
4. Open Escrow, 3% Earnest money,
Get Buyer to get mortgage counseling through http://UpGradeMyCredit.com
Get rent payment to pay PITI through collection company like http://NoteCollection.com
Not having an attorney in VA is not good.
Semper Paratus, Always prepared for a lawsuit.
SAMPLE LEASE PURCHASE AGREEMENT - NOT LEGAL ADVICE
thanks Brian, what about dealing with a realtor, setting this up for a quick transactions. What type of tenant buyer should I select?
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