How to Lease-to-own my condo

[Millions]

I have a condo I`d like to sell since it has been a major negative cash-flow all along.

Its located in 1915 26 street sw.

To break even (get my DP back) I need to sell for about $253K (as an assumable so no fees)

Some are listed for $240K though or less so not helping me much.

I`m thinking a lease-to-own for a year or 2. My current tenants are moving June 1st so I need to have this done then or have it rented out again.

My thought is to get a rental contract along with a option-to-purchase and a small DP like $4,000 to make it attractive.

C-train will be 3 blocks away in 2 years.

Any special way to do this to mitigate risk? advertise? Or is it to out of range?

Any feedback appreciated.

Thanks!

 

[housingrental]

Check out Mark Loffleur`s book for detailed answers

 

[bizaro86]

Would you be willing to pay a commission to find someone?

You might be able to contact a realtor or two, as they might know of people who are trying to buy a condo, and have a downpayment, but couldn`t qualify for a mortgage. That would be your target market. Also, if their realtor referred them to you, you would start with some built in trust, which would be worth something. Just a thought.

Your price doesn`t seem that out of line to me, and I`m famililar with condos in that area, and its quite desirable. Hard to make it work cashflow wise though, as rents haven`t caught up to prices.

Finally, I`d be willing to post an ad for you on the employees intranet at the company I work for. I believe you have my email, shoot me a message if you`d like.

Michael

PS I just re-read this, and thought I`d better mention that its two distinct ideas. A realtor would probably require (fairly ) a commission on a referral, I`ll post it at my office without a referral on any lead. Although obviously it`s a long shot compared to a qualified referral. Didn`t want it to sound like I was advertising/fishing for $ on the forum!

 

[Millions]

Hey,

Thanks for the offer to post at your work. I dont have your email so if you could either post it or send me an email to [email protected]

Thanks a bunch!

Matt


QUOTE (bizaro86 @ Apr 23 2010, 08:51 AM) Would you be willing to pay a commission to find someone?

You might be able to contact a realtor or two, as they might know of people who are trying to buy a condo, and have a downpayment, but couldn`t qualify for a mortgage. That would be your target market. Also, if their realtor referred them to you, you would start with some built in trust, which would be worth something. Just a thought.

Your price doesn`t seem that out of line to me, and I`m famililar with condos in that area, and its quite desirable. Hard to make it work cashflow wise though, as rents haven`t caught up to prices.

Finally, I`d be willing to post an ad for you on the employees intranet at the company I work for. I believe you have my email, shoot me a message if you`d like.

Michael

PS I just re-read this, and thought I`d better mention that its two distinct ideas. A realtor would probably require (fairly ) a commission on a referral, I`ll post it at my office without a referral on any lead. Although obviously it`s a long shot compared to a qualified referral. Didn`t want it to sound like I was advertising/fishing for $ on the forum!

 

[markl]

The more down payment the more you mitigate risk. I don`t know the area very well so I cannot comment on the numbers but you can put it up the regular places you would run an ad for a rental and see what kind of feedback you get.

It seems pretty reasonable I would possibly start my price at $240k and appreciate it from there and it will give you our buy out at the end of a couple of years. Michael hit the nail on the head as well for finding great RTO tenants networking speak with realtors in your neighbourhood or other people already doing LTO`s

Regards,