Expert: John - 10/15/2007

Question
Hello,
 I own a flip property in North Central Florida.  The market is slow and I am thinking about a lease/purchase contract.  How should I structure such a contract or find the right forms.  Fair market rent would be about $800.  I'd like to have positive cash flow.  Would I be able to get a mortgage on property while its under contract?  There is no mortgage presently however I would like to put my money to work as soon as possible.  What kind of LTV mortgage could I get?
Thanks for any help you can offer
Keith Benway

Answer
Hello,
I would be glad to help you.
Go to:
www.YorkPAhome.com

click on:
Favorite Links

Go down to:
Apartment Association rental property owners & managers

Click on the first link.  Just scroll down to FL.
If for some reason that does not help, ( I think it will )contact a Realtor or two and find your Association.
I really think the link is what you are looking for.

As for the mortgage, that is not my field.  I would recommend you contact a lender on that matter.  
I would think a line of credit would be better.  Take out only what you need.
My only concern is, how long are you contracting for?  Should be only a couple / few years.  
John