40% Down
Hello All,
I have a deal that I wanted some help structuring. I have home that I am lease-optioning for 105k, with 3k option fee. I found a tenant buyer who has money coming from an estate in two months. They only have about $600 as an option fee now and can pay the rent + the monthly option fee. They will be receiving 40k in two months that they want to use as a downpmt on the house and have me owner finance. How do I insure that I get the 40k in 2 months? Any suggestions? I do currently have a mtg on the prop. so it will be wraparound. I would like to due a lease-option initially, and then owner-finance them.
SL
I have adequate cash flow ($200+) either lease or proposed CFD, simply tired of tenants. With an existing mortgage, does a wrap trigger due on sale clause? Other strategies to move a property such as this?