Lease Option On Non Assumable Contract
There is a vacant house in my neighborhood I thought it may make a good rental (the property was not for sale but I knew the owner of the property and wrote him). I wrote the owner and he said he is locked into a non-assumable contract with a private party for about 3 more years. He said he would be willing to go with a lease option arrangement. What do you think of this idea? Any ideas are welcome.
Thank-you,
Marty
If the numbers work go for it. I don't no what a non assumable contract . If in fact thais is the case there are ways around it. The owner could buy out the contract and simply sell it to you via a three way closing assuming you were not looking for a subject to deal and could get your own financing. Maybe he meant non ASSIGNABLE ciontract?