Is There A Deal Here?
Hey guys-
Got a motivated seller (well, somewhat)- she's moving out of state in 2-3 weeks and needs to sell her house asap. She's had it listed for $159k for over a month now, and not one person's looked at it. That's because the thing isn't worth more than 130k MAX. She's open to Lease Options and carrying back the mortgage or other creative things- they just want it sold. She won't take less than 130k I believe (even tho she still thinks it's worth 160k).
Her payment is about $600 a month- rents in the area go for $800-900 max). If I were to lease option it from her, assuming I gotta give her around $700/mo- I can barely get it rented for 800-900/mo, it doesn't seem too much worth it for just an extra $100/mo to deal with finding a renter, and property management for just that little a month, ya know? Is this a deal here? How can I work this thing to make it worth while? MAYBE I can get them to take $650/mo- but it's still not much room left. What Option Price would I try to get from them? Got any ideas to make this a win-win?
Thanks
D
BTW- also posting this in the Sub2 forum...
Hi D:
She is motivated, she won't take less than 130k, her payment is about $600.00 while rent in the area is around 800 to 900. Well, give her what she wants!
Set up a cooperative agreement, (i use it with people who are reluctant or want something and won't back out like your case with her), with the cooperative agreement you will work with her for 30 days, you will write the contract for what she exactly wants, you will assign the contract subjet to her approval and you stay with the assignment fee. list the home for 135k, you stay with 5 thousand as option consideration and fully credited to the purchase price (the seller will absorb the 5k and still get her home for 130k), list the home for 750 and give the monthly cash flow to her. or split it.
If she doens't want to give you that much of option consideration, tell her you will split the option consideration (given her $2,500 more) but that you will do so if she splits the positive monthly cash flow with you.
I have set up deals like these with no money down since i am helping the seller move his home. And i am just an intermediate person setting up the contract.
Hope that helps!
Diana Fontanez