Lease option Knoxville area
Here i go again! It seem that lease options are presenting themselves more than anything so far with the marketing I've been using. Heres my situation and what I'm looking for. I spoke with a home owner today. They are sick of renters and no longer wish to rent the property out. Their wishes were to get it sold yesterday. While I was researching the property and talking with the owners i discovered that their asking price of $100k was a little high compared to the comps in the area and that they owed right at about market value on the house (about 90k) so offering some low number wasnt going to work on this one. I also discovered that they had bought their current home on a owner finance so I asked about a potential owner finance/wrap/lease option deal in which they replied "well, that might work". I explained that walking away with money in their pocket just wasnt likely if they sold out right but rent to own could probably put a couple dollars in their pockets in 24-36 months and that excited them. PITA on the current mortgage is about $700 and I'd think rent for this nice 2-1.5 would be around maybe $800 so not much cash flow. With all that being said the only place i see any money to be made would be the option fee or just wholesale to a buy and hold investor. With my current level of knowledge and comfort I'd feel better going at this with someone more experienced in the driver seat while i sat in on the deal to use it as an education instrument. Investors of bp please educate me with this property. Knoxville investors please contact me and walk with me thru this deal. Brian, I know you have some amazing words of wisdom to help me with here sir :-)