I'm 21 years old looking to start my REI portfolio. Currently 18 months into a lease to purchase. Great rental area with rents going for $1,300 per month. I'm approved to purchase the property for $155,000. After deposit and rent payments, I currently owe the seller $148,000. Going into closing, the title company discovered a lien against the property. The seller is working with an attorney to partially lift the lien to sell the property.
This made me begin a search for a “Plan B.” In doing so, I came across a brand new townhome also in a hot rental area. The townhome is $165,000 eligible for a rural development purchase with no money down. Rents in the area are going for $1,350.
My question is, is there any way I could be approved to purchase both? I would hate to walk away from the equity I’ve developed in the lease-option property as well as the potential to rent. But also see an opportunity in the new construction townhouse.
Considering possibly seller financing the lease-option property and going Rural Development as an owner occupied on the new construction townhouse? I would really appreciate any advice!
-Asa
