This is a tough situation. A lease purchase still may not satisfy your needs or solve your negative cash flow. There is a Trulia agent named Byron Self who specializes in Lease Options. You migh want to have a consultation with him. Otherwise, another option is to cut your losses and do a 'short sale'. If you need help with that or have questions, contact me.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
You raise a couple of questions...
1.) A lease purchase on your townhouse? Note that this is something that as a Realtor we don't have a Commission approved form to do a contract, so therefore you would need to have an attorney come up with a contract between you and tenant to do a lease purchase. Make sure you have a sizable deposit as you are at risk with the tenant not taking care of your property.
2.) With our current market~ you should have a Realtor give you a value of the property as we have very low inventory and pricing is going up at this point.
3.) Property Management~Sounds like you need a good person, I can certainly recommend someone. Rents continue to increase as the market demand is high and inventory is low.
So let me know if I can be of any help!
Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
5280 Magazine FIVE STAR Real Estate Professional â€“ 2010, 2011, 2012
Kayla Okafor, MBA
Denver Real Estate Connection