Posted by Rich on November 11, 1998 at 11:38:55:
Is it possible to lease/option from the estate. Do states require that the estate be liquided in ‘x’ amount of time? If I optioned it for one year, for example, offered to pay them their asking price, lease optioning for $1500 initial payment and $500 per month, with 100% going toward house payment (I have seen 100% lease options around here). I would have $7500 built up at the end of the year, to go toward downpayment, and they get their asking price.
In the first 2 months of leasing, I can make required improvements necessary to rent, (fire alarms, painting, etc. - approx $1,500) Begin sub-leasing for Sept. at $6,000 ($1200 x 5). By this time next year I’d have about $12,000 for downpayment, and would be good to go! And ready to collect another $6,000 on the first of the year. It sounds good on paper . . .how does it sound to you?
-Thanks. - Rich