Help On A Deal
I have a client, that is looking to do a rent to own/lease option. He can put down up to $10,000 and is willing to pay up to $1,200/month. What I want to do is not tie up my credit make some money of his down payment plus earn some monthly cash flow. I know I need to find a motivated seller which I have found 3 which all 3 houses my client likes. So know its all about how to structure this deal where it is a win/win/win for everyone can someone please help. Normally I purchase foresclosed homes fix and either rent or sale.
Some one please help me structure this deal
Thanks in advance
Have the seller and your rent to own person make the agreement on paper. You can discuss if the owner will give you a portion of the deposit as a finders fee so if the person defaults or damages the property you are not held liable.
Have you ever done a lease option agreement? You will also need the rental agreement filled out to protect the owner in case the tenant needs to be evicted.
You need to read the rules for forgiveness of debt forgiveness, I thought that this only applied to principal residence.
What did the bank say about refusing a loan modification due to disability?
check out the Mortgage Forgiveness Debt Relief Act of 2007, to see if it applies to the seller.
What if my client bought the second house as a primary? Can it the short sale stand up with the Forgiveness Act (which I have read over and over again).