Posted by MM. on October 15, 2002 at 23:54:19:
Hello Lenny,
First off let me clairify that most land lords arn’t accustom to giving rent credit unless the happen to be a lease option investor. A rent credit only applys to how much is comming off your option to buy the home each month for example if you had the land lord crediting you 200 a month toward your option then at the end of one year your option to buy the property would be 2400 dollars less then the origional option price . I think what you ment was there accustom to taking a security deposit this is seperate then a (option payment ) the option payment it’s self is what your paying the seller for the ( option to buy) some sellers may want this to be just the price you pay to have the option other sellers will knock that amount off the price . Now as for the credit i’m assuming you intend to sublease this property to a tenant buyer . If so why not make the deal subject to your tenant buyers credit approval from the origional seller unless they don’t read the agreement they will know your subleasing so it’s best to just get it out in the open form the get go . they may think what do they need you for if your just going to sublease it well if this happens and your contract allows it you could Assign a tenant buyer for them this is just one form of flipping and would not put you in the middle after you assigned the tenant buyer. i feel it’s important to have a buyers list before a home myself if you had built such a list you could inform the land lord of this . good luck