Help! Selling first property - Posted by T2B - FL
Posted by T2B - FL on October 24, 2000 at 17:15:37:
I have lease optioned my first property. The details are: $1000 down, $900 a month and $118,000 asking price for 3 years.
My problem arises with getting rid of the property. I was looking to sandwich L/O it for $5000 down, $1300 a month and $128,000 purchase price for 2 years.
I then get a call from a fellow asking if he can put more down on the property. He wants to put $15,000 or more down with payments of $900-1000 a month and he wants a longer L/O term because of a settlement against him.
I don’t have great credit and my debt to income ratio is high. So, I don’t think I can get a mortgage myself in 3 years to hold this property for longer than my 3 year term. However, I would hate to leave that much cash, up front, on the table.
Any ideas on if and how I can pursue this fellow or should I just look for another T/B’er to L/O to.
Sorry so long!