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Updated over 7 years ago on . Most recent reply
Opinions on lease options
We are working on finalizing our first flip in New Jersey and were approached by a prospective buyer who happens to be renting from us currently at a separate address. He is interested in a lease to purchase agreement. I am interested in hearing how the BP community would potentially structure this deal, what are some of the drawbacks? Would selling property this way work out better for tax purposes?
A bit of background on the buyer:
Good tenant..pays on time and takes care of the rental property he is in now. No W2 income so he cannot qualify for traditional financing. Has roughly $10K to put down toward the purchase.
Comps in this area range from $130K-$145K.
I'm looking forward to any/all ideas!! Thank you.