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Lease option to buy for land?

One of our homes recently got burned down (thankfully no one was hurt). We now have this property in a subdivision that we don't really want. The neighbors are interested in it, but can't pay full price for the land. Can I complete a lease option to buy for land? And what other options do I have to get more cash or cashflow from this land? Thanks for the help in advance!

Public Comments

1. Lease options are more common with existing homes; this sounds like just a lot. I'd check with the home owners association to see what builders are allowed to build in the subdivision, and then contact those guys to see if one of them would like to make an offer to buy the lot (so they could build a spec home to sell). Also, the neighbors can get a loan to buy the land or you could do a private mortgage between you and them, having them make payments to you with interest..$$ Good luck $
2. If they have a decent down payment (10 - 20%), they could buy it outright if you are willing to carry the contract. You'd get some money at closing then monthly payments that they can afford. You could also factor in a balloon/cash out in say 5 years. If it all goes sideways & they can't keep up with the payments, you foreclose, get the property back & sell it to someone else. Hopefully, the property has increased in value. Since it a vacant lot, there's not much for them to risk damaging & they are probably looking at it to increase their yard area.