Good lease option?? - Posted by Ted in Tx

Posted by PBoone on December 03, 1998 at 13:29:04:

Here are the Numbers
Mortgage Balance 55,199
Behind in payments 3,200
Fix up cost 3,500
Total 61,899
Fair Market Value 65,000
LTV 95%
I see no deal here, even if you could get him to pay you 3,500 for fixing up the property I would be concerned about him not paying the mortgage.

Good lease option?? - Posted by Ted in Tx

Posted by Ted in Tx on December 03, 1998 at 13:15:02:

Hey guys, need help with a first time lease option deal…

Heres the deal…I have a motivated seller with a nice brick house, good neighborhood, good steet who owes a balance of $55,199 on his home…Fair Market Value is $65,000…He now lives out of the city and has been renting the house for $675.00 per month…The house is currently empty and his mortgage is in arrears by $3,200.00…His current payment is $640.00 per month with an assumable, qualifying loan at 8%…The house needs about $3,500 in minor repairs…

I would like to buy this house on a lease option, but am unsure if the deal makes sense…I don’t have lots of cash, so would need to get in with virtually nothing down…

I would appreciate any ideas or suggestions on how to structure this deal…

Thanks in advance for your help!!