Hello all, I am a newbie to this forum but have been reading posts for two days straight and am so glad I found the DG family. The information around here is invaluable. Here is a deal I have done and am looking for some advice on.
In October 08' I did a lease purchase which I am now using as my residence. The details are: 3k down, purchase price = 125K, mo. rent = $900, closing needs to be done any time before the 18th month. Seller will give 4K at closing. At the time the property was appraised at 125k. There are no limitations as to what I can do (ie) sandwich lease purchase. Okay those are the details. FFWD to the present.. the property value has gone down to 121K which if I closed on it today I basicaly lost the 4k the seller is giving at closing because the value went down 4k. I still have 14 months left to close if I wait that long and by then I'm hoping the value goes up a little bit. My question: Besides doing a sandwich lease option is there any other way I can use this property as leverage to do another deal? Thanks in advance for any advice, hope I explained it well- JM