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Updated over 7 years ago, 05/11/2017
Help a renter stay in her home
Sending out the Bat signal to see if anyone can think of a good solution to this dilemma. A friend of a friend called me because she is renting a house in Lakewood and the owner has decided to sell the house.
The house is near 6th and Wadsworth. She said its a 3/2 but one of the bedrooms is in the basement w/o a window so technically a 2/2. I didn't get the total lot size but I think it has a little land because it does have a barn on the property and horses, I think. She is paying $2900/mo in rent and her 6 month lease is up at the end of May. The owners are planning to put the house on the market in June for a little over $500k.
She reached out to me hoping that a real estate investor might be able to come up with a solution that will allow her to stay in the house. She asked about owner financing, but the owners didn't seem interested. She doesn't have the money or credit to buy the house herself. Just doing the quick math in my head, $2900/mo doesn't sound like enough return on a $500k purchase. However, she did say one of the reasons she wants to stay so badly is she has plans to air bnb it and has other ideas to use the property to earn a little extra income, so it may be the solution is to just buy the property and raise the rent slightly.
Can anyone think of any other options I can suggest to her that I haven't thought of? I didn't get a ton of info about the property, so if more info is needed I can get a hold of her and find out more.