I have a new home with a $220K debt. FMV is $295K. I'd like to offer it on lease to own. What are reasonable terms in my situation? What is reasonable cash flow to expect? Regular rents would be around $1700 per month. A mortgage on $295K at 5%, $300 taxes, and $150 insurance runs around $2100. So what is a good lease option rent rate?
Anyone doing lease options longer than 3 years? I am thinking if my home value increases (say 6% appreciation), then I need to account for the tax rate increase too.
Thanks All
Anyone doing lease options longer than 3 years? I am thinking if my home value increases (say 6% appreciation), then I need to account for the tax rate increase too.
Thanks All