i live in buffalo ny and there are quit a few 30k rent ready multi famly houses on the markrt.I have bad credit and maxed out in debt. would it be possible to ask the owners to lease option for two years, they are all for sale by realators.
i was thinking of offering them full asking price and structure like this.
offer to lease option for two years offer to make there monthly mortgage payments and add 250 a month ( 250 x 24 = 6k ) put in a mutual fund and after two years i would have 20% for the down payment at witch time i would finance 30k through a bank .
they rent for 1000 total a month MIP 300 + 250 = 550 i would have about 400 positive cash flow a month , worst case for them is i dont buy in two years but they would keep the 6k in the mutual fund i paid there mortgage for two years and collected the rent and mantained the property and did all repairs out of my pocket witch would come from the positive cash flow .
does this sound like it could work its my only shot and im ready to go any comments would be greatly appreceated bob and sandy
robert a sanfilippo