Posted by David H on April 14, 2002 at 13:01:59:
Why couldn’t she assign her option to buy to you, wherein you could exercise the option and buy the house? If she wants to keep living there, the “finders fee” you pay her is that you let her stay there and keep renting from you after you buy it…
Help to buy rental property - Posted by Tina Frady
Posted by Tina Frady on April 14, 2002 at 12:22:41:
There is a house I would like to purchase. Owner lives out of town, house is currently rented to a close acquaintance of my brother. The owner has offered tennant first option to buy for $50,000 (worth min $75-80…zoned office recently). We know she hasn’t been able to qualify due to her bad credit but she hasn’t told owner yet and she doesn’t know that I’ve contacted the owner about purchasing it if she doesn’t. He has a line of investors that have contacted him so my question is. Since I know she can’t qualify but she has the upper hand, is there a way to keep her involved, pay her a finder fee, and be able to buy the house?