Friday, September 28, 2007

Getting ready to put the house back on the market

So our short lived tentants are moving out next weekend and our lovely house will be back on the market. I had a couple of comments on why we decided to lease it out in the first place. Well, with this subprime crisis looming, I thought that there would be some people who would have great cash flow but might have a harder time qualifying for a mortgage. We offered a lease to own option which they were very interested in. The deal was that we would collect the rent and then put $300 a month toward closing costs. At the end of the term, we would "give" back the money, the security deposit and a couple of thousand for the closing costs. Anyway, I thought it was a good deal, but only if you could afford the house.

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