Lease Option 2 Apt Houses?
Hi guys,
I would like some senior investors to give me their opinons on what they would do with a motivated seller who owns a 2apt home. The tenants are still in the house, but not under contract. Would you take over the house, kick out the existing tenants and find your own T/B's to "rent to own". OR, would you leave the existing tenants in place, and find an investor interested in being a landlord?
Thanks in advance!
Joe[ Edited by Joseph88 on Date 03/25/2004 ]
Hello Joe,
If the numbers looks good enough, I'd take it. That's probably part of the reason the seller is motivated and would welcome your offer...to avoid being the 'bad guy'. If the current tenants are not under contract then get them outta there. Make it part of the agreement with the seller that the house has to be in move-in condition by a certain date or the deal is off. Depending on how much cash flow the existing tenants are generating, you may want to keep them there and have them sign one of your contracts.
Again, it all depends on the numbers and how good of a deal it is.
Not sure what you mean by finding an investor ot be a landlord...if you do the deal correctly there would be no need to act as landlord since the T/Bs would be taking care of the day-to-day maintenance for you.
Quote:
On 2004-03-25 20:25, 13935 wrote:
Hello Joe,
If the numbers looks good enough, I'd take it. That's probably part of the reason the seller is motivated and would welcome your offer...to avoid being the 'bad guy'. If the current tenants are not under contract then get them outta there. Make it part of the agreement with the seller that the house has to be in move-in condition by a certain date or the deal is off. Depending on how much cash flow the existing tenants are generating, you may want to keep them there and have them sign one of your contracts.
Again, it all depends on the numbers and how good of a deal it is.
Not sure what you mean by finding an investor ot be a landlord...if you do the deal correctly there would be no need to act as landlord since the T/Bs would be taking care of the day-to-day maintenance for you.
Ahh, Ok, you would get rid of the existing tenants, find another T/B that wants to live there and get them to take care of landlording.
Have you ever considered advertising to other investors who are looking to be/ or already a landlord? That way, the existing tenants can stay, and the new investor will pay you. Ever done something like this?
Thanks!
J
Hey Joe!
You need to talk with the Tenants yourself. First you need to ask them what is wrong with the property. Then you need to ask them about a lease. Look, if you are honest with them, they could be your tenants. Most investors I know, including myself, would prefer to have a place with tennants than w/o!
Make sure the tenants understand that they need a lease to protect them as much as protect you.
WIN-WIN!
Ray
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