Posted by Spidey on June 08, 2004 at 15:07:05:
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What are my options? - Posted by Spidey
Posted by Spidey on June 07, 2004 at 21:40:22:
What are some win-win options for both me and the owner. The owner rented out the property before. I will not be the occupant, but will rent it out myself. Is this a doable deal? I don’t want to get caught up into any legalities. I also understand that if the title remains in the owner’s name, he will continue to receive the tax benefits. So where does this leave me? Is this like an installment sale? What are the benefits for me in doing an installment sale or I believe it’s called, contract for deed, etc.??? Although I do not have information of whether or not the owner is free and clear of any liens or mortgages, I have a gut feeling that the property is free and clear. Great thing is that the owner is willing to do some type of creative financing through an attorney.
Any advice will be GREATLY appreciated.
Re: What are my options? - Posted by DE
Posted by DE on June 08, 2004 at 06:58:56:
Do a lease option deal. Agree on a price that you will buy from the owner in x amount of years and then sublease out with an option to buy to a tenant buyer for a higher price. Get non-refundable option consideration from your tenant buyer (which is credited to them if they buy) and charge them $100 to $200 more per month over what you have to pay the owner. Give them the option to buy the place at a higher price than what you negotiated with the owner. Now you have cash flow each month, some money up front, and the possibility for a nice profit on the back end.
There is a ton of info online about how to do lease options, so I won’t go into all the details here.
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