Posted by Randy on July 24, 2003 at 22:23:41:
If there are tenants in place assuming the current rent is high enough to meet your numbers? complete the SUB2, have the tenants sign a new lease or honor the current lease until it expires.
This may be my first lease option Please Help!! - Posted by Tina
Posted by Tina on July 24, 2003 at 22:05:37:
Hello,
I talked to an out of state owner and he agreed to do a lease option, I did my numbers and know that I will make a positive cash flow plus a nice profit on the back end my question is he has a tenant in the property and their lease want be up until three of four months how can I still tie up this property with this tenant still there. Please help me.
Re: Go for it! More details needed. - Posted by Ken
Posted by Ken on July 24, 2003 at 23:27:25:
If you can get the current tenants to sign a new lease or you could honor current lease and offer them the opportunity to buy the property under your lease option terms and give them 2 months to think about it or come up with the CASH (non refundable) downpayment needed for the L/O. Otherwise, once lease is over, they have to leave.
Be careful how you phrase it though. Sometimes when a tenant knows that they have to leave and they have no substantial security deposit to look forward to, they might decide to be careless and trash/damage the place, which would of course eat into your profits.