Posted by chris on June 23, 2000 at 17:07:35:
You may want to consider a lease option where the payments are lower as you suggest-but your purchase price would be higher and you may want to be flexible on rent credits as a compensation to them. You would not have to purchase if you are only interested in renting for awhile. When it comes time to purchase you could always assign your contract to a buyer or let it expire. You need to see what comparibles to this property go for-is $138K in the ballpark? What are the normal rents in the area? How much are the owner’s payments? The owner would be more flexible to this idea if the $550 or $600 you suggest still pays their bills for this property.
I’m sure others will be here to give you alternatives soon.
-Things to consider,Chris