Posted by CurtNY on March 28, 2000 at 13:06:48:
Daren,
as much as you can get. You should advertise “low down”, when asked how low ask how much do they have available, usually between $3,000 - $5,000 is acceptable for this price range. Good Luck.
CurtNY
Lease Option on Personal Residence (Advice) - Posted by Daren
Posted by Daren on March 28, 2000 at 08:34:03:
I am currently considering the following lease option on my current residence (moving into bigger home)
FMV: $115,000
Home: 1200sf Ranch home, 4 years old in very nice S/D, pool, tennis courts, etc.
Mortgage: $800 (w/interest and taxes)
Lease: $1000 month
FYI: Current 3 bedroom apartments of similar size are renting for 900-1000/month
Option to purchase at $120,000 in 12 months.
DOES THIS SOUND REASONBLE? Am I missing anything?
Daren
Re: Lease Option on Personal Residence (Advice) - Posted by CurtNY
Posted by CurtNY on March 28, 2000 at 12:12:45:
Daren,
We need more info: Mortgage Balance, Monthly Payment PITI, etc… if it will cash flow it sounds ok just make sure your tenant/buyer can qualify and you get option money up front. Good Luck with all your RE Investments.
CurtNY
Re: Lease Option on Personal Residence (Advice) - Posted by Daren
Posted by Daren on March 28, 2000 at 13:01:20:
The Mortgage balance is 106,000
PITI is $800.
What is considered reasonable upfront option money?
Daren