Posted by John-Fl on February 19, 2002 at 20:05:04:
nt
Lease Option question. Please assist. - Posted by John-Fl
Posted by John-Fl on February 19, 2002 at 16:04:14:
I have searched the archives without any luck. My question is this:
I have an owner who contacted me about a property he has FSBO. He is in California and his son was supposed to let me inside the property but hasn’t up to this point returned my calls. The father (in Cali) is motivated and chewed the son out and now the son wants me to come tomorrow and inspect. I plan on lease/purchasing the property. However, I am unsure of how to handle the current tenants. They are in the property until May. Do I go ahead an lease/purchase the property and market for T/B’ers while they are in? What if the current tenants damage the place before my T/B’ers get in? How would you guys CYA this situation? The owner really wants to move on this and I just don’t know how to handle this hurdle and would really appreciate some suggestions.
Regards,
John
Re: Lease Option question. Please assist. - Posted by Michael
Posted by Michael on February 19, 2002 at 19:49:08:
John,
Why go hunting for a possible tenant/buyer when you could already have one living in the home. Ask the current tenants if they would be interested in buying the home. If not, allow them to keep living there until May while you find a good T/B to move in when they move out. Also, if you find a T/B that doesn’t want to wait until May to move in, offer the tenants in the home a little “going away” money if they can move out sooner (I wish I could have gotten paid to move out some of the places I’ve lived before).
These are just some idea’s, I’m just others will come through with more.
Good luck!
Michael, KY.
Re: Lease Option question. Please assist. - Posted by Mike Daly
Posted by Mike Daly on February 19, 2002 at 19:38:35:
I would write up an agreement, but not have your lease start until the current tenants have vacated the property. Just ask to have access to the property to market it to T/B’ers until then. You can also add a contingency where the owner must clean up any mess left by the current tenants before your lease starts.
Mike
Where are you in FL? - Posted by Richard-(FL)
Posted by Richard-(FL) on February 19, 2002 at 19:37:19:
nt
Re: Lease Option question. Please assist. - Posted by John-Fl
Posted by John-Fl on February 19, 2002 at 20:00:21:
Sometimes people fail to see the tree’s through the forrest. I completely failed to consider asking the current tenants if they’d be interested in staying. I will definately discuss this with them.
Thanks!
John
Re: Lease Option question. Please assist. - Posted by John-Fl
Posted by John-Fl on February 19, 2002 at 20:04:04:
The owner is in California and was inches from signing with a Realtor until I convinced him that what he really wanted was a lease/purchase.
Regards