Posted by Doug,ky on October 26, 2000 at 15:52:35:
I’ve had tenants want to buy the rental homes they were in. If you have kept the property up and paid on time, the landlord might consider selling to you. A lot depends on how the landlord is position financially with the home. I would ask the landlord how much he thinks the home is worth, first. If you think its fair prise, then see what kind of a deal he might be interested in.
I had a tenant who wanted to buy. He made me a blind offer, about 80% of what the home was worth. You have to start somewhere so that was ok, but when he proceed tell me it wasn’t worth much more than that because of all neglected upkeep, I became upset. To think I had a tenant not keeping the home in a good condition and then trying to use it against me! Well, the ending is this, I still own this home and the rents went up! They’re still in the home, today and my cash flow is fine thank you.