Rehab not closing due to Financing - Help with Rent to Own

[Matias Escobar]

BP Investors,

I am a flipper and have a house in Cape Coral FL under contract until day of closing that didn't close. The deal was subject to the buyer selling their property and the buyer for that property didn't get the loan at the last minute. I am paying very high electric bills and taxes for that property and a 10% on the money I used to buy it and renovations (around $230k). I NEED HELP structuring a deal (maybe rent to own or something similar) with the buyer who still wants the house but needs to wait until he finds another buyer on his property so he can buy mine. I was thinking asking for 10-20% more than market rental rate for the house and a security deposit of around $5,000 refundable once they close on the property. Also give the buyer around 5 or 6 months total to find a buyer and close on it. Any suggestions, contract templates, etc would be greatly appreciated.

Thank you

Matias Escobar - Realtor, Investor.

[Wayne Brooks]

Well, not a "rent to own".

2 separate agreements

1) Purchase agreement, with a closing date "up to 6 months", no contingencies, non refundable EM

2) Lease agreement for 6 months, or upon them closing, whichever occurs first.

Bot only if, they actually were fully approved for their loan, and your house appraised.