how to L/O a rented house? - Posted by Matt B
Posted by Matt B on April 22, 1999 at 11:22:27:
I am getting POUNDED with these dang l/o deals! Won’t someone PLEASE say no to me? Well, I have question that I can’t seem to come up with an answer for by myself. I got a call from a man today with 2 houses for sale. Discussed l/o in depth with him, and he says he is willing to go the lease option route “as long as he doesn’t have to worry about his mortgages”. Can anyone here say DEBT RELIEF??? I love debt! It makes people do all sorts of things for me! And to think that I used to hate banks!
Any way, one of the houses is his personal residence and another is a rental property. He has a section 8 tenant in there with a lease until September. How do I deal with this? From our conversation, I can pretty much be sure that I won’t be getting any sort of deposit from this tenant, or any interest in a lease option deal. Do I want to leave the tenant in until September? Do I have a choice? I need ideas, as well as specific knowledge as to what’s legal. Yes, I know, consult my attorney for legal issues. Anyone with experience feel free to make suggestions. This is in PA.
My fiance feels that we have not done a deal yet until we complete the l/o process of getting a tenant into the properties that I’m getting. She’s making it a little difficult, however. She made me agree to have my best deal so far become OUR new home! I never even had a chance to advertise it.