Interested in Rent to Own Options

[Martha Featherstone]

Investment Info:

Single-family residence other investment.

Purchase price: $420,000
Sale price: $600,000

Approximately 2500 sq.ft. 3 bedroom, 3 bath, two level home on Tanoan Golf Course. Access to golf course from the home, located at the 18th hole; Property has a double car garage and is located at the end of a culdesac. Near several Sandia Crest trails, 45 minutes from the top of the Sandia Mountains.

What made you interested in investing in this type of deal?

My tenants have lived in this home for 3 years. They are dream tenants. They are in the energy business and want to purchase the home because it is near their children and grandchildren. They are not ready to purchase at this time. I was considering a 3 year lease to own option with a balloon payment at 3 years.
They have taken great care of the house.

Still deciding if I will rent to own or sell to an investor.

How did you find this deal and how did you negotiate it?

A family friend in Colorado where I now live, is a realestate agent, entreprenuer in many businesses. She referred me to BiggerPockets.

How did you finance this deal?

VA Loan 7 years ago

How did you add value to the deal?

Property is well kept; Added refrigerated air replacing the swam cooling system that was there when I purchased it. Also has new heater installed.

What was the outcome?

I moved to Colorado and do not have plans to return to NM

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No.