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Updated about 5 years ago on . Most recent reply

What's your creative way to sell this house?
We have a potential tenant interested in buying one of our rental properties. We've got about $40k in it and have owned it for about 10 months. Rents for $800/month. "IF" we sold it, it would have to be for at least $69k.
I'd like to hear some creative ways to structure a deal with the potential buyer. They can come up with $4k now or $7k in 60 days for a downpayment. They can NOT get traditional financing, so us financing would be the only way for them to purchase a home.
We have not yet discussed purchase price. What's the best long term play here?
Thanks in advance!
Most Popular Reply
With 10% down and 12% interest I'd do that deal with him. You are better off using a Lease Option than using a mortgage. If he defaults with a Lease Option you can evict, if he defaults with a mortgage you have to foreclose. It's a huge difference.