Updated over 10 years ago on . Most recent reply
Lease Option
Hi all,
I just need a guidance on how to help my coworker with her current situation. She bought a house in Las Vegas for 235K in May 2015 (8k down, $1588 monthly that includes mortgage, insurance and tax) with the intention of using it as a vacation rental so the house is fully furnished . Her business did not go as well as she had initially thought it would. Few weeks after her purchase, she moved to northern CA for a job. I would like to help her out but rental market value is only $1300 and there is no equity but there is a potential/predicted increase in value of 8%. I was thinking of doing a lease option for 3 yrs. with purchase price of 235k where I could put down 8k and have monthly payments of 1600. I would then offer it to an end user as lease option for 3 yrs. with down payment of 15-20k and monthly of 1800-2k. Is this plan viable?