A Struggle for Stability
Divorce and my son’s birth brought a wave of unexpected expenses into my life, making it nearly impossible to keep up with my financial obligations. Lawyers’ fees piled up, and I had to refinance my mortgage to buy out my spouse. Unfortunately, the new mortgage payments were becoming overwhelming. To make matters worse, my history of bad credit prevented me from exploring conventional alternatives for opting out. I found myself at a crossroads, desperately seeking a solution that would allow me to stay in the home and school district I cherished for the sake of my son.
Doing Research
Late a Sunday night, while scouring the internet for options, I stumbled upon instant buyers and other creative home buyers. Intrigued, I delved deeper into their websites and discovered a variety of unique offerings like HELOCs, residential leasebacks, and more. Some of these opportunities offered a sell-and-stay option. Selling and staying meant I could maintain my current lifestyle and ensure my son’s continued education in the district we loved. With newfound hope, I decided to take a leap of faith and explore online alternatives further.
A Beacon of Hope
I began listing these creative alternatives on a spreadsheet. Pros, Cons, and more. I searched for companies that provided HELOC (Home Equity Lines of Credit) services. I also searched for reverse mortgages, but because of my age, I didn’t qualify for these. However, I found a little-known solution. An alternative called residential leasebacks. This selling method consisted of selling your home to an investor and staying as a renter.
This process has existed in the commercial sector for decades. However, for the residential world, it was recently introduced. With the ability to sell my home directly to an investor while staying as a renter, I began seeing myself at home again. The cloud of helplessness that had overshadowed my day-to-day life started to dissipate. Finally, there was a glimmer of hope on the horizon.
The Transformation
Sometime after registering my property, Sell2Rent reached out with news—they had found a buyer for my home. It was a moment of mixed emotions—relief, excitement, and a touch of nostalgia. Selling my home meant letting go of homeownership, a goal I had set, but it also meant wiping out my debts and starting anew.
Finding leasebacks taught me the value of my home, and I proved that it is an investment after all. I cashed out everything I had put into the property for the past five years and began paying off my debts.
The ability to sell directly to an investor was unparalleled. With this freedom, I was able to price my home competitively. Luckily, I sold when the market was strong and got a good bang for my buck.
A Fresh Start
After the sale, I was not only able to pay off my debts but also had some funds left over to pursue my entrepreneurial dreams. It was a second chance at life, a chance to rebuild and create a better future for my son and myself. The path ahead was still unknown, but the weight of financial insecurity had been lifted, and the possibilities seemed endless.
Gratitude and Empowerment
Looking back on my journey, I am filled with gratitude for stumbling upon residential leasebacks. This alternative provided me with the means to regain control over my finances and preserve the stability my son deserved. My experience serves as a reminder that there are always unconventional avenues to explore when traditional options seem closed off.
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If you would like to learn about how Retirees could benefit from leasebacks click here.
For more on Divorce and leasebacks, you can find information here
DISCLAIMER: This blog post is inspired by multiple stories and common trends we receive from clients that approach Sell2Rent. By this, the blog post makes use of real life situations but is a fictional piece of writing.
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