NEED MORE HELP WITH LEASE OPTION
I need help to come up with at least two options. The owners agreed to owner financing with 2k down which is negotiable or half with the rest in payments. They are asking 67k with the payments of 571 a month. They have no equity because of a refinance to get rid of a floating mortgage. They now have a rate of 7%. They're just ready to sell to move to their other propery out of state. Can someone help me structure the right deal to benefit both parties. They would like the mortgage out of their name so they can obtain a loan to fix up their other property. They have no problem leaving it in their name right now but they want to know for how www.long.I can't obtain a loan right now because of credit score (around 550) The house is appraised at 80k. Would obtaining the deed help? Please help!
Problem with a Land Contract is they could get out new loans on the property and you would never know it.
I would suggest you have them sign the deed over to you leaving the loan in their name until you refinance.
This would be what is called a Sub 2. I am being taught this by a very nice gentleman on this forum.
I just just received John Locke's Sub 2 info today and it is FANTASTIC>
It can be purchased on this site and you will EASILY make the cost back in just one of your 2 deals.