All Forum Posts by: Sandra K Lance

Our landlord stated they wish to end our month to month lease to sell the house we've been renting for almost 10 years. We're working with a lender, but since my income is self-employment from our business, they can't include it until December. My husband has been with the same employer 17 years and will continue to work there for the foreseeable future. The current owner just wants to sell and be done. We need at least a 5/3 in the same area we live now (Tracy/Lathrop/Manteca). 

We are looking to lease option a new home. But we also want to help the current owner get the best offer in the shortest amount of time. 

Central Valley area...4 bed 3 bath 2500 sqft home that will need moderate rehab.

(Owner's handyman cracked the granite counter top in the kitchen, carpets have not been replaced in over 15 years, and a few other items. I have a detailed list that was given to the owner).

Our lender said with the business income we will qualify for a new mortgage, it's just the time required (24 months rolling income). Together we make $150K+ without overtime/bonuses. 

We can't meet the owner's timeline or cash needs now, and really don't want to force it to an eviction if we need the extra time to locate a new home by September (end of 60 day notice...we've been calling & looking for 30 days so far without luck).

Are there ANY investors that might be willing to work with us short term to get this done and make it a win-win-win for all?

TIA

Congratulations on your first success! I believe the ability to take the rejection over and over and keep hustling toward your goals will take you very far!!

We have lived in our current rental 7+ years. We just found out the homeowner lost his main source of income recently. We moved in because they had an urgent need to move (job transfer out of state on short notice), so the usual new carpets, paint, minor repairs were not done.  We would like to purchase the home but conventional finance is not an option right now.  We are considering offering to buy using subject to, so as the owners on the title/deed we can make any & all repairs & upgrades.  Since we're just beginning our real estate investing venture, I've never done a subject to. 

Some of the early details I've gathered:

Home has an approximate ARV of $520K- $550K. The current equity in the home based on ARV above and no other mortgages is $200K.

It is held in a trust (husband and wife named).

Any suggestions on how to present this option to the owners? 

TIA