Re: Is There Such a Thing as TOO SOON? - Posted by MilNC
Posted by MilNC on December 24, 1998 at 22:29:21:
Lest your post die a holiday death…
What about a lease option, even with your parents the ultimate buyer, co/buyer or assigns, or they lease option it and assign it to you. what if they buy it on a lease option, and you are the tenant, and
if it doesn’t work out, you leave, but if it does work out (your job), then
you have the option to buy it (from your parents).
I am not knowledgeable in this, just familiar enough
to ask questions.
How much is the FHA assumable?
If your job falls through,and you had a lease option,
then no one is forced to
buy the property.
Are you more worried about the FHA or about the 2nd?
Which one are you not sure you will qualify for or be able to continue?
Most of this board is devoted to investing in properties without having a job to qualify you.
But, you have a nice opportunity in a boom town.
I heard what you said about the 10K rent. Ouch. So
you are wanting to avoid that rat hole.
You, however are looking for a personal residence.
The terms sound ok, and could be a good deal, but
you need an out. you don’t want your parents stuck
with this. Worst scenario–job doesn’t work out,
then what. Well, deal with that up front. Don’t hope.
Aaack! Holidays best time for negotiation? I think you’re thinking cars. Plus, you haven’t had time to check this out: are the holidays going to make it easier for you to get comps? And you’re out of town?
(and the court house is closed one day next week, and the rest of the time is rush rush? )I dont’ think so.
It’s not that it’s a bad deal,but that you
are too desperate.
Make it work out so that your parents could buy this
and win (break even or get a better- than- their- customary return) even if your job doesn’t work out.
Would your parents benefit or at least not suffer from owning this property
if you didn’t live there? Possibly. Since you were
going to live there anyway, it wouldn’t be too bad
So, consider a lease option in your plans. I know how
hard it can be–move to a new town and be locked in
for a year on an apartment lease. You don’t even know if your job will work out yet. Don’t get involved in financial committments you can’t get out of.
I hope others will comment on the lease/ option
aspects of this. That was all I could think of, that
is just my area of interest.
I look forward to hearing good ideas from others more experienced than I am.