Not Sure What to Do with this Property
Just met with a couple wanting to sell their house. The ARV is around $160K. They owe about $80K. It needs almost no repairs. Really is in great shape. I asked why they wanted to sell but they seemed very skittish about sharing any information. As I understand they already have another house under contract and need to sell quickly.
So our situation is we already have 2 other deals in the works. Our cash is spent on one and our credit is spent on the other. So not sure what we can do here.
My wife asked me about a lease option. I don't know much about it but her thinking is secure the right to purchase now without having to put up much cash right now.We could maybe put 20K down to help them with their down payment for their new house.
But what I want to know is would doing this disqualify them from the loan they're trying to get right now? Or would having tenants in their existing property count as income rather than an expense?
Any other thoughts on this?