I have a few low income rentals I bought a couple years back. I have someone who is interested in buying one house as a private home. Here's where it is getting complicated:
- I bought the houses in a package but still owe about 60% on the general mortgage.
- the house they are looking at is worth around 29k.
- The buyers are lower income hispanics (likely undocumented). they own the house across the street and did the same thing and own that house outright.
- They can put down 5-6k now and pay 900-1000 a month.
- I don't know if I would get the full price outright any other way.
Ultimately I could imagine working something out so they pay the house off in 2 years. I would plan to put 100% of the payments onto my mortgage to pay down the principal.
My questions are:
- Is this legal?
- What do i need to do to protect myself in case they move?
- Would it be similar to a rent to own set up without the rental expectation.
I would appreciate your help!
Thomas
