Hi I'm brand new and just recently received Dean's materials in the mail. I am new so please bear with me but I'm hoping I can get some advice to help my friend.
Friend: Has a home that he can't afford and may allow the bank to do a short sale or go into foreclosure.
Background story: He paid $500K 2 years ago
Home right next door just sold for $250K. (I believe he said it was a foreclosure)
Renter: He has a renter in the house that pays $1600 a month.
What he pays: He pays $2600 a month which I think does not include taxes.
Solution: Do you think that if find a buyer that may have terrible credit but would like to buy a home I could interest them in a lease option for $2600 a month with $500 going towards the purchase price of the home? (Need to check rent comps in the area) Each year the amount of the lease will raise $100 dollars until the purchase of the home. Set a time line of 2 - 5 years in which to purchase and if they decide not buy my friend keeps the home. This would save his home, credit, and he still receives the tax savings.
My friend said if I can help he will pay a bird dog fee or use a portion of the lease money say a $100 or $200 from the rent to send me every month. Very nice of him but even more so would like to help him.
Thanks in advance for your help and look forward to any questions or advice you may have.