lease to own... popular option? how to convince seller?
Hi, I've come to the conclusion that I could
A. start a hostel this year, with a lease to own option
or
B. save, and come back to this in 2 to 3 years.
I'd like to start this year... so... looking for advice, experience, feedback on lease to own property.
I've done allot of research online, this being a v straight forward explanation, http://www.wikihow.com/Buy-a-House-Using-a-Lease-Option
If you've gone down this road...
Have you suggested this to the seller?
If so, did you have to convince them?
How did you convince them?
How did you negotiate the contract... I'm assuming there was a specialist involved?
What should I expect to pay in "option" money, 5% of the house price?
What's should I expect to pay in "rent premium" 10% of the market monthly rate?
How do you come up with a fixed purchase price?... taking into account appreciation? Do you have a figure for year 1, 2, 3, 4 etc?
Can you sell your lease? or extend it?
cheers
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