OfflineHere`s how it is !
Owner calls and say`s we need to sell now, we are behind payments, 2 payments. We just want out before we get foreclosed on. House is appraised at 198K and they owe 197K. They have stopped paying the mortgage and are moving out soon. How would you handle this for a quick profit, yet help them out of a jam ?
Thank you
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Run your numbers. You are at break even comparables. If the monthly payment that the owner now pays to the mortgage will cover the supporting rent(lease option),find a tenant buyer. Use your new tenant buyers down payment (option consideration) money to catch up the back payments since they are only two payments behind and you keep the rest. You need to move quickly before they get behind further in payments. Get the option for at least 3years to give the property time to build equity. Hope this helps!
To get something you've NEVER HAD
DO something you've NEVER DONE.