Thanks for the advice Todd. Went to the courthouse and did a little homework then drove by the property. This house really looks nice! I’m not going to suggest renting to her if I don’t have to, it’s just one of the options I’ll have for her. To answer your question, I’ll let her know up front that I’ll have no problem evicting her if need be.
I’ve been looking for that ‘one’ property to really get me on my feet. I think this could be it but again, I’ve said that before…
Just found out that an old coworker is losing her home. I don’t have any details yet due to the holiday’s. Anyway, I was wondering if it’s possible to bring her mortgage current, and do a lease/option. I know she doesn’t have anyplace to go so I was thinking of subleting it back to her.
Re: Preforeclosure/Lease Option Question - Posted by Todd (MO)
Posted by Todd (MO) on December 26, 2000 at 10:52:38:
Yes, absolutely! You can catch up the payments and take over the property and then lease/option it back to her. However, you should be aware of a few things. First off, don’t let your wanting to do the “nice thing” for a friend get in the way of sound investment decisions. If you wouldn’t do the deal with someone else, then don’t just do it to help a friend. Unless that is the reason to do it. Also, you want to be careful about mixing business and friendships. If she hasn’t been paying the mortgage payments, what makes you think she will pay you? She could take advantage of your “friendship” and pay late, or not at all. Are you prepared to evict a friend if you have to?