My realtor has brought a deal to me...it is a pre-4 comps for 220k, looking to do a short sale with the bank and have a contract written up with me for 150k.
but here is where I question it....The current owner wants me to rent it back to them at 1k a month. The husban is disabled and has no income. He may also be eligible for some subsidy towards his rent based on his disability.
They currently pay close to 1500 a month, but now cant afford it and are in pre-4.
How comfortable would you be renting back to someone in this situation? What if I wanted to sell in 1 year, and they had to move? With his disability I just wouldnt feel right about that. Also, would he have some legal right to make it hard on me to get them out, over someone who is not disabled?
The deal would only cash flow about $100 a month and I would NOT be able to refi and get my DP back! If I did, it would be a negative cash flow...
so what to do???
Don't Wish the Past, Create the Future! - DH