Sell Or Lease Option?????
I renovated a house that I paid 100k for. Put 22k in reno's and have it on the market for 141,900. I want to get my 22k back, how would I do this on a lease option? What is the advantage? What would some of you do, setup the deal?
Thanks in advance for your opinions.
I believe that if you want your 22k back in one lump sum, your going to have to sell outright.
On a lease/purchase, you're looking at around 5k up front, then collecting lease payments. The advantage on the lease/purchase would be that you avoid the capital gains taxes for a period while retaining the tax advantages of still being the owner.
Additional advantages are that you can charge a higher total amount (say 150k),
Easier to put someone into the property, No realtor fees.
If you want to go this route, you can get a Home Eq to take out your money now and then do your L/O