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Hey everyone,
I have moved out of my principal residence after living in it for 2 years. I was thinking of doing just a rent to own on it and then having them cash me out before 3 more years so I can take advantage of section 121. However, because of this $8,000 tax credit, I could sell on a contract for deed, which according to IRS webpage qualifies as a sale, the buyer would be able to get this. My question is, how long do I give them to cash me out, 3 years from now, or a shorter time frame so i can qualify for section 121. I was also thinking of having them give me 8k to put down to buy, which they could immediately file for the 8k by doing an amendment, which in a sense would give them a no money down deal. I get 8k, if they default they don’t get the money back, I evict, and repeat. Any other ideas would be greatly appreciated.
thanks
You should give them 1 years to refi. And if they need longer make them pay for a one year extension. Don’t wait until the last minute
Some states require a foreclosure with a contract for deed.
Might be better to get them to give you 1/2 of the $8k so there is an incentive to buy.
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