I completed a rehab and have it listed for $460k. The deal was funded 85% hard money and 15% private. Buyer absolutely loves the home but can’t get pre-approved at the moment till her business has 2yrs of returns. They’re offering full ask price with $10k down, $2900 rent plus all utilities. My investors and I want to cash out tho. Obviously if a more conventional offer comes along, I'm taking it. Until then, I'd like to pick up and learn what my options are here for a creative solution. Lease option perhaps? Not sure if its a good idea with hard money.
I was thinking of getting a friend to purchase it with a conventional mortgage, then leave that loan in place for a few years on an “Agreement for Sale” with first buyer. I get to cash out on the sale, but I don’t know how to make it worth it for my friend.
Any advice on structuring the deal to make it even more profitable? I might be missing a lot of pieces, but let me know what info you need and I can fill in.
