I figure if I sell it with a second lien, I won't have renter's asking me to fix things and they will take better care of it and I will make money off of it too! Maybe I could sell it as a lease with the option to buy? Any ideas?
2007-02-11 10:40:06 · 6 answers · asked by gloria 1 in Business & Finance ➔ Renting & Real Estate
You can sell it as a lease to own, as long as when the tenants buy it out, you make enough to pay off your original mortgage. Depending on the size of their downpayment, the length of the lease, and the amount of payoff, you might want to put some extra money towards your principal whenever you can, or you'll end up owing more than you sell it for.
2007-02-11 11:17:54 · answer #1 · answered by ? 5 · 0⤊ 0⤋
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2016-09-09 21:33:27 · answer #2 · answered by Tonya 3 · 0⤊ 0⤋
You can lease it however you like. If you "sell it" unless you have the ability to have someone assume your mortgage you will have to pay the entire first mortgage off (usually called a "due on sale" clause - standard in many mortgages today).
If you sell it you are not renting it and vice versa.
Good luck.
Joe...
2007-02-11 11:19:07 · answer #3 · answered by Joe K 3 · 0⤊ 0⤋
nicely how'd you purchase your position? Are those your beliefs as well? if so, possibly you should've taught your son to artwork flat out and shop up so he ought to purchase a house for his destiny spouse. i have considered it done. I also comprehend of a Christian couple who've 9 children. They proceed to exist land they saved up for and are construction their abode as they could have the funds for to purchase the components. No debt. and they are genuinely being fruitful. the position there's a will, there's a way. :)
2016-11-27 01:57:43 · answer #4 · answered by delk 3 · 0⤊ 0⤋
You need a lawyer.
2007-02-11 11:17:36 · answer #5 · answered by charlotte q 2 · 0⤊ 0⤋
hmmmmmmmmm
2007-02-11 10:47:31 · answer #6 · answered by Anonymous · 0⤊ 1⤋