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How would you handle this possible purchase?
Hey guys! Long time listener and follower, first time posting.
I'll say this, I owe everything to BP. I started listening to the podcast and the first episode I stumbled on was about BRRRR. It's all I ever thought about. I waited at least a year or so before making a move. I secured a $150,000 cash loan from a small bank right when the pandemic hit and I'm hooked. I've done four so far this year and working on my fifth. About the fifth one........
I found an older lady that was unhappy with her current town and wants to move closer to family in a much high and affluent town closer to Raleigh. The lady and I were able to come to an agreement on a cash price. The house is paid in full and it was a good deal for everyone. She started looking for home in her new area but found that after the sale of her current house, she can't buy anything because of the higher cost of the new area. We terminated the contract and I told her my cash price would still be good anytime she wanted to execute. I don't want to lose this house. She's on a fixed income with little to spare at the end of every month.
-I offered to buy the house and rent it back. She's worried about running out of money over the years and being homeless. We also talked about a reverse mortgage kind of setup and she likes that idea.
Any other way to get this deal done without putting the stress or worry on her about being homeless? How would our Reverse Mortgage deal look if it was a "Homemade" deal?
Thanks for any feedback/help/input.