Lease Option question - Posted by Adam in Indiana
Posted by Adam in Indiana on November 22, 2000 at 11:58:31:
I’m pretty new to this like so many other people. I currently have a tenant who just moved into an apartment because of a recent split with her husband. She said that they own a house on about 3 acres and would like to get out from under it. She said that the FMV was between 75k and 80k, but she wasn’t sure. She also said that she owed 62k on the place and really only needs about 3k or so cash to pay some bills.
Now, I was thinking that somehow she could sell to me on contract (I know, I need more details on her current financing) and then I could turn around and do a Lease Option to someone else with a decent down-payment.
Anyone have any thoughts on the subject? I’ve never done a L/O before, but I’m eager to learn. Ordering Bronchick’s L/O course for forms and such. I’m just wondering if this is a wise strategy and if there is enough of a “spread” in equity to make this worth my while. Thanks for the input. I’ll find out more details later today.