Here's an email I received from a reader:
I actually like my home a lot, can afford it and don't want to move. But I also don't want to ride 30% down if I don't have to. I've come upon the idea of trying to get a "sale/lease agreement" on my home. Are you aware of anyone else doing this or attempting to do it?I don't hide the fact that I have zero training in real estate matters, so as an individual I'm not really qualified to help. But I know that some of you readers out there are well-versed in real estate and can offer some insight.
Basically, I want to sell my house as an "investment" to a buyer while simultaneously signing a 36-48 month lease with him to continue living in that house. That way, he's guaranteed a renter from day one, I get to stay in my house while taking my money off the table.
Any help would be appreciated.
So what's your take on this idea? Great plan or fatally flawed?