Lease Option Dilemma

3 Replies

A single family home 4 bedrooms & 3 bathrooms 2,140 sq ft, unfinished basement, 2 car garage, pole barn with additional 2 car garage & 8 dog kennel, updated appliances, roof in great shape, well septic & 2 acres. ARV from MLS is $230,000 - $250,000, there’s a remaining principal of $104,382, PITI $ 900 month. Seller is asking $234,000 - $240,000 but would consider a lease option. My initial visit was to consider a wholesale strategy or a lease option as my exIt but then I was considering moving my family from our 2 bedroom apartment to this home. Is this A good deal and If so How would i Structure the deaL to favor my family?

@Brian Flint If you want to live there and you don't mind that you're paying full ARV, then it could be fine. Personally I would only move into it myself if the seller agreed to lease it to me for his payments and gave me at least 5 years to buy. I wouldn't want to have to mess around with getting financing or force my family out of a lovely sounding home after just a year or 2.

Whether he's going to go for that remains to be seen. It doesn't sound like he's particularly motivated, otherwise he'd be talking more like: "Just take over my payments, please!"

You don't mention any pain that they seller has. Depending on their situation, there are a million ways you could structure a deal. Why on earth would they sell at a discount if they don't have to? What's driving them?