Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 14 years ago,

User Stats

16
Posts
0
Votes
Chris H
  • Real Estate Investor
  • aurora, CO
0
Votes |
16
Posts

Profitable house to sell before I claim Chapter 7

Chris H
  • Real Estate Investor
  • aurora, CO
Posted

Hello, I have a nice SFR rental in CO that has a great tenant on a 3 yr Lease Option with $24K built in profit (worst case) once they buy. The balance owed is $139K, the home value is around $165K, the tenant is paying $1150 on a 3 year option. I am claiming CH7 and don't want to screw them over as they've already been there 10 months and are great tenants. Can I sell the home before claiming BK? If so, how do I let the potential buyer know that there is about 2 months in back payments due and that I want to ensure that the tenants lease options stays in tact?
If an investor would buy it with a 6% loan the deal would look like this;
$145K purchase price (if I could get something out of all of my years of work on this home) at 6% would be around $989 PITI. The renters are paying $1150/month leaving $161/monthly cash flow. The deal is set to sell to the renters within the next 2 years at an agreed upon price of $163K. This leaves a great return depending on how much the new buyer puts down, etc. Any ideas thoughts if I can legally sell it before BK, if anyone can advise where to try to sell something with this scenario, etc.?

Loading replies...