Buying out a Lease/Option Deal

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Hey, has anyone bought a house that already has a lease option tenant/buyer in place? Are there investors that be interested in a deal like that if there's a lot of equity in the deal for them?

If so, send me a private message, I'd like to talk to you.


Originally posted by @Andrew Merriman :
Originally posted by @Joe Villeneuve:

Terms that exist on the L/O agreements? Where is the equity?

There's a significant difference from the purchase price vs sale price. 

 ...and how much?...and what are the terms in the agreements?

Off the top of my head I can think of an example of a deal I did years back. I put together a sandwich lease, with myself in the middle. The homeowner was a young woman with a newborn whose hubby up and split. She didn't want the house they had purchased and couldn't keep up with the payments. She went to live with mom and dad. I took over her payments. If I remember, $825/mo. Market rent was $850/mo. Nothing too exciting there. But I did get into the deal with $0 down. So far, so good. Option price was around $80K; FMV around $100K. I had a 36 month lease with those terms locked in place. Pretty good deal.
Quickly found my t/b who gave me $2500 option consideration, plus first month's rent. They lived there for about 6 months when my wife and I decided we wanted to move across the country. Not wanting to be a long distance landlord,I advertised the property. Another investor liked the terms I negotiated and we agreed to a $7000 assignment fee. He took over the deal and I moved on.

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