Posted by DanMC on May 30, 1999 at 20:02:19:
Here’s the situation…
I am Renting for $545.00($200 below Market Rent)
Value: Approx. $75K
Owner is Out-Of-Towner/Retired
Owned free and clear (possibly a small mortgage)
Owner Willing to take back a portion on a purchase
Owner Willing to L/O
Owner Willing to sell…but in no particular hurry
My credit…Poor to OK
Income…small…Even the $545 is a stretch
I would like to remain in the property for at least 6 more months
I currently rent a semi-detached home…the other side is owner occupied…different owner. I pay about $200.00 below market rent ($545.00/mnth). Owner is a retired out-of- towner. The place needs some fix up. I have avoided rent by doing some of the fix-up so far, since i am having financial troubles. I know i could buy it on a L/O, but then the only way I could gain quickly is to immediately put a tenant here and charge MV rent for a positive cash flow, but I need to live here…there’s NO way I could find rent like this around here. I would try to get financing to outright buy the property, but I wouldn’t qualify for the mortgage…and if by some miracle i did, or got financing through a mortgage company, My income wouldn’t be enough to make the payments…hell, I can barely afford the rent i have now…but I know what a great deal it is. “I’m sitting on a deal, and there’s NOTHING I can do with it without moving out.” Help!!!
I have to Call the landlady in 15 minutes…Anything creative would help…she may be very flexible…i thought about offering her a 3 yr L/O with no rent for 3-6 months, which will give me time to do some fix-up, offering her just below FMV…which will give me time to assign the L/O a little later on…anything creative…grasp at a few straws here for me…ANYTHING!!