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Updated almost 10 years ago,
Would you?
Would you be willing to sell a property on a wrap to a tenant ? The tenant wants the property and cannot qualify due to a bankruptcy from a pervious marriage 2 years ago. However, the tenant has a great paying job and in the past 2 years has saved up 30k with the plan to use it as a down payment for the house.
The property is a 0 cashflow every month, but I do have a good chunk of equity in the property.
The tenant has always paid on time in the past 2 years as well.
I was thinking that with 30k down I would be able to find a property that I could cash flow on and also the tenant would benefit by owning the property. I would have an attorney or title company or whomever I need to service the loan for me.
If you would sell this way . What would you feel is a fair interest rate? My current interest rate is 4%.