Expert: John - 9/5/2007

Question
My son and I built a home that sells for 300.00.
My question is, being that the market is so slow (in So. Chicago) and we don't want to end up losing money, we were thinkng about the lease/purchase option.
How should we calculate our payment? How much should be our option payment? How long should we lease? And is there anything else I should know?
 Thank-You

Answer
Go to:
www.YorkPAhome.com
Click on:
Favorite Links
Go to:
Lease to own / Rent to own / Lease purchase

I believe you will find your answer there.  As for payment, make sure it covers your payment and covers any repair cost either from things breaking from wear and tear or by those leasing/renting ( staying or leaving ).  So make sure it covers your mortgage, any major repairs, taxes, cost of sell, etc.
Hope this helps,
John