|
daveg
Investor/Rehabber
|
Lease Option to current tenants
Monday, August 20 2007 08:39 AM
Is offering a LO to an already renting tenant in a 3BR home any different than offering it to a new-comer? What are the differences in generating the contracts for the two entities, if any.
REPLY
|
|
Marty Couch
Investor
|
Re:Lease Option to current tenants
Tuesday, August 21 2007 03:03 PM
Hey Daveg,
The new lease option paperwork would just replace your current lease. Before you do anything with a lease option though, you need to make sure you are using the correct type of paperwork (weather a current tenant or a new-comer) so they do not gain an equitable interest in the property. If this happens you will need to foreclose on them if they stop paying rather than just evicting.
Jim and Randy have a great options and lease options home study course. They include all the forms as well.
As always, once you have completed the forms, have an attorney revue them. If you do not have an attorney, Pre-Paid Legal offers a great legal service plan for $26.00 a month. For more information check out www.PPLChicago.com or call me at 866-411-4737 ext. 701.
Hope this helps.
Marty Couch
http://www.PPLChicago.com
REPLY
|
|
JCDykes
real estate investor
|
Re:Lease Option to current tenants
Tuesday, March 25 2008 03:25 PM
This is a great strategy for getting rid of some of your properties. Especially if the tenants have been in the house for a while. You won't have to refi the property to get your equity out of it, just sell it. That makes a lot of sense.
JCDykes
www.akvalleywebuyhomes.com
Western PA's home buying company.
REPLY
|
