Hi to everyone,
I am new to the REI, just finished both of Dean's books-(Great by the way!) and believe I might have my first deal in the works. Here is the question, I found a FSBO that has been vacant for a couple of years. They own a small mortgage on it, are asking $125K, the house is need of some work, broken windows, kitchen updating, painting, carpet etc. It is in a nice neighborhood and a decent lot. They told me they open to all decent offers and they also told me that the bank won't let them contract for deed-which was offered to them before, because it breaks their contract. She mentioned the thought of paying off their small mortgage and being able to do whatever they wanted with it. I am looking at this house as a possible rental. I am wondering if a lease with option to purchase would be viable? I am looking to invest with no money. Looking for a win/win for both them and myself. Also my thoughts having them pay off their motgage and then contract for deed with them receiving the benefit of the interest, selling the home etc. I appreciate any thoughts on how to persue this.