- Edmond, OK
- Votes |
Oklahoma Lease to own
Hello BP guru's! We have a historic home that we've renovated as a flip and it hasn't been selling for over a year. Its a 4 bed, 3 bath in Historic Mesta Park in Oklahoma City. Main complaints have been no garage and a weird bedroom layout. Its priced at $429k which is in range of many comps of the area.
We have been approached by a couple to lease to own the property but we have no experience in this area. I've read good option and purchase contracts are key along with a sizable down payment that would go toward the purchase price.
Alas, I'm sure there are many other items to be aware of and we are seeking help from people with experience. Some primary questions are, 1.) what price to rent for? (obviously enough to cover the mortgage/insurance/etc.) 2.) Should any of that rent go toward the purchase? 3.)How much of a down payment? 4.) How long should we allow for the lease before requiring purchase?
Anyone out there that can help?