First Lease Option - I'm The "motivated" Seller
I am starting off by L/Oing my own property. You could consider me a "motivated" seller, as I am trying to reduce my living expenses to start a new business. I could use some advice to make sure I am covering all of my bases. I downloaded a Pennsylvania Lease Contract with an addendum for the purchase option. I will be running the typical ads for no qualifications, no credit check, etc. Market value is around $240k. I owe $224k with a $9k prepayment penalty that will expire in 12/05. The monthly expenses on the mortgage, taxes, insurance and maintenance are $2000.
My primary goal is to get it occupied as quickly as possible, even if I am just breaking even or even losing a little bit on the monthly costs.
I plan to ask for $5k down with $1800/mo or $10k down with $1600/mo. I will offer 24-mo lease and a purchase option at $240k. I realize that you professional L/Oers would try to cover your monthly expenses, but I cannot afford to wait months for occupancy which I would end up doing if my monthly lease was $2000+.
Let me know your thoughts on my logic and if there is anything else I need to be prepared for. I'm appreciative of any advice you can provide! Thanks.
North Wales, PA - Philadelphia suburbs
Why don't you put an ads with 2000+/mo in the mean time?
If it doesn't work in 2-3 weeks, you can always reduce it. You don't know how people are going to react.
Based on your market(rental, lease), do you think 2000 is too high, what is the market rate going for similiar prop.?
just my 2 cents..