New Boston, NH · Member since 2015 · 48 posts · 4 votes
Hi, I have this single family home in Jacksonville Florida trying to sell it with owner financing. I structured that the monthly payment should be the same as a rent payment.
I've advertised on Craigslist, Facebook, Zillow and bandit signs in the area with no luck.
Would anyone suggest how to find this type of renter that would rather own the home over renting with a 10% down payment? Any help would be appreciated!
Investor · Springfield, MO · Member since 2012 · 320 posts · 115 votes
9y
Lower your down payment, lower the monthly payment, extend the term and the interest rate. The majority of buyers these days are living month-to-month. They are looking at what is the deposit and monthly payment. If you are at market price, then that's not as attractive to them. If you can afford to take a bit less up front and monthly, you'll more than make it up in ammortization with a longer time frame.
Specialist · Jacksonville, FL · Member since 2016 · 45 posts · 14 votes
9y
@Isiee Koch, Casey made some good points that will certainly increase your odds. If you provide more details, I may be able to assist. Feel free to PM me.
Virtual Assistant · Hollywood, FL · Member since 2016 · 60 posts · 11 votes
9y
It is common in South Florida to require First Last and matching deposit to get a new place. You say 10% but of how much? Then compare your rent comps x3 . Are you within the same amounts?
Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
9y
Isiee Koch "No luck" can mean a lot of things. No calls. No showings. No offers. No "good" offers. Depending on which issue you're facing it could be a marketing issue, a price issue, or a property issue. If you have a property that needs rehab and you're marketing to people that can't qualify for conventional financing they probably don't have any leftover cash. So that's a long winded way of asking you to define "no luck".
Rental Property Investor · Orlando, FL · Member since 2016 · 15 posts · 6 votes
9y
Have you tried just renting it?
It can take some time to find a renter or a buyer for a property. But it can be really, really tough sometimes to find that subset of people that are willing to rent to own.
We struggled with that concept on a rehab that we did. Ended up just renting it. The feedback we got was that most people were not able (or possibly willing) to come up with a down payment and then pay rent also.
Still got the cash flow each month from the rent and we are building equity also.
In this case it might be a better option to pick either renting or outright selling the property.