Posted by Dan on May 10, 1999 at 24:46:39:
Just reduced! Owner relocating, beautiful 1 br. in mint condition! Just $44,900.
I found this in todays paper. After reading this site for days and hours until my eyes are blury it seems that this would be a good candidate for a lease option.
The interesting thing to this is I would consider moving into this property. This should allow me time to find a buyer either conventional or another LO.
My thaughts were LO the property for 2 years @ about 35K try to get some rent credit applied as a DP I don’t have much capital or great credit. Around the 10 or 11 month mark try to LO it to someone else for 12 months @ about 40k. Exercise my option at the end of th 24 mos with the rent credit as a dp close shortly thereafter with my buyer. Would this allow me to basically pocket the rent credit that I accumilated over the past 24 mos and keep the profit from my buyer. Any advice would thrill me greatly and you would be helping someone do their first deal. I am desparate to own my own property or at least control it. I am sick of hiding my dog from my landlord. Also my rent is currently 600/month. Does that sound like a reasonable rent price for this new property I am considering and posiibly around a 100 rent credit to make my actual rent 500/ month.
I know I probably went into way to much detail but I am trying to give as much info as I can as I am not sure what is really needed to figure this out effectively.
Also rents in this building are about 650-700.