Question on Sell House with Long Term Rent Back (Dallas: foreclosure, lease)

[Better Cee Living]

Can this be done in Texas?

Have 100% equity in the home, but want to use funds for business, and due to Homestead, and no income from business yet, cannot get a mortgage.

If so, how do I go about finding these buyers?

It probably isn't the traditional RE Agent and listing route, but would be RE investors / specialists. Right? But where to find them - seems elusive in google, but probably using wrong search terms.

Would like to rent back for 2+ years, ideally with a repurchase option thereafter.

Appreciate any pointers.

Update: Forgot to mention, this is in north Dallas area.

[TurtleCreek80]

Have you tried to get a Home Equity Line of Credit? That would be my #1 route in your situation. Easier than trying to execute the scenario you are describing.

[Better Cee Living]

Thanks TurtleCreek - tried several lenders / mortgage brokers, but no income from business yet, so they don't want to touch it.

The best offer was that they wanted minimum 2 months income, so catch 22.

Another provided a connection to an out of state private lender who said something about the Homestead preventing their firm from even lending.

[Rakin]

Just went to a Seminar today on a company who can help you out with this. They will buy a home, lease it to you and you have the right to buy within 3 years.

PM me your contact info. I'll need to get the companies name at the office.

[TurtleCreek80]

Originally Posted by Better Cee Living

Thanks TurtleCreek - tried several lenders / mortgage brokers, but no income from business yet, so they don't want to touch it.

The best offer was that they wanted minimum 2 months income, so catch 22.

Another provided a connection to an out of state private lender who said something about the Homestead preventing their firm from even lending.

You don't have ANY income currently? You don't need business income to get a HELOC to start a business. In fact, banks don't even ask what you're using the money for. But you do need some form of income so the bank knows you can afford the monthly payment.

[TeamLynn]

Depending on your age, if you are 65 plus you could get a reverse mortgage.

Investors may want to talk to you, but you probably won't like what they have to say.
The purchase price probably lower than you expect, the rent probably higher than you expect.
Since prices are going up about 10% a year, do you want to purchase back at 30% more than you sell it for in 3 years?
Just to give you an idea of investor math, if they buy it from you at $100,000, they're probably going to want $1000 rent/month....if you are lucky $900.....if your home is worth more, you can move up the chart.

[MurphyPl1]

You have no income and a paid off house. But now you want to put your home at risk with a start up business? Do you know the failure rate of small businesses?

[DitsyD]

There is a big risk to you in doing this. What if your buyer, the new owner, gets a mortgage and then defaults on the loan? You are then in danger of being kicked to the curb after the foreclosure.

[Bp25]

Originally Posted by DitsyD

There is a big risk to you in doing this. What if your buyer, the new owner, gets a mortgage and then defaults on the loan? You are then in danger of being kicked to the curb after the foreclosure.

This