6,662,159
Why? and Why?
-
Sandy Padula & Norm Pa...
, CA
-
Kevin J. May
Hobe Sound, FL
-
Theo Shaw
Evanston, IL
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Bob Crane
Stevens Point, WI
-
Steve Higgins
Kelowna, BC
5,474,939
I would simply keep your home - ownership is going to be a more financially sound move in the future.
-
Sandy Padula & Norm Pa...
, CA
-
Steve Higgins
Kelowna, BC
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Kevin J. May
Hobe Sound, FL
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Anthony Acosta - ALLAT...
Atlanta, GA
2,229,820
So what is the question?
-
Sandy Padula & Norm Pa...
, CA
-
Kevin J. May
Hobe Sound, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,231,853
Good luck.
-
Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Steve Higgins
Kelowna, BC
424,263
My suggestion: If you want to reduce the burden of the cost of the home in PITI you can't afford the market rent plus the profit an investor will desire. If you can save up 25% from sale of house and file a tax return with Net not gross income that qualifies this will get you back into the real estate market.
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Ron Tissier
Atlanta, GA
-
Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
602,025
What is the question? Are you looking for affirmation? Why can't you sell the home?
-
Sandy Padula & Norm Pa...
, CA
-
Kevin J. May
Hobe Sound, FL
-
Debe Maxwell, CRS
Charlotte, NC
1,153,799
And your question is?
-
Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,097,545
Why would you want to sell your house and buy another one?
As for leasing back, guaranteed income for a good amount of time w/ annual increases may be attractive to an investor if the deal makes sense. But perhaps, and I'm shooting in the dark because I don't know your situation, you moving into an inexpensive rental and then renting your home for the best possible amount which hopefully exceeds your mortgage obligation allowing you to put money away every month might also work. If you can reveal more about your situation that could be helpful. But go back to the initial question: why do you need to trade up, if that's what you intend?
-
Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
2,704,537
Be sure to use a real estate attorney to draw up the contracts, forms, lease, etc.
-
Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
5,460,208
My first question is why? Did you not allocate sufficient finances for the transition
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Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Mary Yonkers
Erie, PA
1,713,581
You need a bit more background as to why you are doing this. You are increasing your expenses. Are you in financial trouble?
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Sandy Padula & Norm Pa...
, CA
-
Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
1,535,414
I think some more information is needed here. I'd be wary because owning is more profitable than leasing and rents tend to be far higher than mortgages out here.
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Sandy Padula & Norm Pa...
, CA
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Debe Maxwell, CRS
Charlotte, NC
1,007,423
Perhaps speaking to another lender would help?
What is the excuse they are givig you?
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Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
2,310,633
A little too vague to speculate on a solution for you. Have you received financial counsel that this is a good way for you to go? If so, there are options. If not, please do get counsel.
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Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
4,800,282
Good luck.
-
Sandy Padula & Norm Pa...
, CA
-
Debe Maxwell, CRS
Charlotte, NC
825,785
I would keep your place and try to save up for a new place. Chances are you are going to pay more to lease it back than what your mortgage presently is. They are going to want to make money on their investment. Good luck.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
381,362
I'm with Joe. Seems a little odd.
-
Debe Maxwell, CRS
Charlotte, NC
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Mary Yonkers
Erie, PA
1,749,577
Bon Chance! With patience and a well-plotted plan with the assistance of legal counsel, you will get there.
-
Anthony Acosta - ALLAT...
Atlanta, GA
3,074,289
931,308
Not easy finding an investor that wants to do a lease back. If you do, it's doubtful they will pay full market value for your house. You might have to line up a rental somewhere else until you're able to buy again. Other solutions might be to stay put and get a part time job for a couple years.
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Debe Maxwell, CRS
Charlotte, NC
5,288,738
I don't understand your question. There's no reason you can't sell your home whenever you wish and under any conditions you wish to sell so long as you have a bona fide buyer.
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Debe Maxwell, CRS
Charlotte, NC
4,322,035
Wishing you all the best David Stockel.
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Debe Maxwell, CRS
Charlotte, NC
3,210,559
why? if you are in financial trouble try and work it out with a lender or refi.
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Debe Maxwell, CRS
Charlotte, NC
920,253
That might make a lot of sense if you find an investor-buyer that would agree to the arrangement. Risk: you may have to find another rental for yourself.
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Debe Maxwell, CRS
Charlotte, NC
756,635
Get advice from your managing Broker and follow it.
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Debe Maxwell, CRS
Charlotte, NC
3,988,138
Ok. Sale and leaseback can work very well. Will you incude an option to be able to buy it back?
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Debe Maxwell, CRS
Charlotte, NC
544,114
There are numerous creative solutions, but need more info regarding the problem that needs to be solved.
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Debe Maxwell, CRS
Charlotte, NC
5,584,478
you got some splainin' to do Lucy....
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Debe Maxwell, CRS
Charlotte, NC
4,721,936
Hi David - I don't exactly see a question here but the scenario you present has me asking a few of my own. For starters: Why? When? Who? What? How?
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Debe Maxwell, CRS
Charlotte, NC
8,125,230
I hope you have a good relationship with your real estate investor clients.
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Debe Maxwell, CRS
Charlotte, NC
2,564,213
Lease backs don't seem to work too well. I think you might want to figure out another way.
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Debe Maxwell, CRS
Charlotte, NC
3,416,372
The first thing you know, is an investor does not want to buy a home and let the seller lease it back, maybe at half price. Investors want to buy, fix and sell. As an agent you should know if you can buy a home before selling the one you have. My listings sell as fast as i can list them, if it is not selling it can be over priced, or no one knows it is for sale. Maybe you should rent and not buy another?
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Debe Maxwell, CRS
Charlotte, NC
2,071,135
1,598,552
321,664
As a newer agent, you have not got the resources to buy a home without selling yours? A lease back for home owner may not be easy to find right now at an affordable and fair price.
I know here in Texas, if your financially in a good place to purchase and have a lease contract on your home you may be able to buy that new home. Otherwise, hang in there and make the move once your capable.
What are you trying to do?
5,986,056
In our state, if the buyer of your home finances your property, they have to take possession after 60 days or it will be a rental.
4,434,227
3,421,649
1,466,257
David Stockel You need to do an own vs. lease analysis. You may find your house payment and tax deduction is more benefical than renting.
55,673
I do not think that deal will work. First, most mortgage lenders need two years in the same line of work. Second, you are telling a lender that you need cash. I would however try and sell your home to a buyer,and make the lease a separate deal away from closing. This way the "Qualified" buyer is responsible for payments and you still keep your residence. A serious investor may "jump" at this deal. The problem may be the down money.
921,504
That is a business model that is present in the Tampa Bay area.
Are you seeking the name of the company that acts as the 'lease back' owner?
In the transactions in which I was involved, they paid market price for the house and the citizen buyer/occupant was pleased with the outcome.
I do not know the magic occurring behind the curtain or the goal/strategy of the purchasing/leaseback company.
183,015
This will be good option if you are trying to complete 2 years in same profession. You will not have mortgage payment so your dti will be comfortable.
1,260,083
3,986,473
Does not make sense. Just stay and make your payment for a year and work hard and you will save a lot of money
2,840,724
Whatever you do, think it through. Be aware of your risk tolerance & greed