Posted by Johnc IL on August 14, 2007 at 18:29:58:
Thanks Dan. That’s good advice. I also need assistance in setting up the deal. Terms, etc. I will ask the attorney, but I’m wondering if an experienced RE investor might be better.
lease option duplex - Posted by Johnc IL
Posted by Johnc IL on August 14, 2007 at 05:10:01:
I own a couple of duplexes and would like to offer a lease option to one of my tenants.
Could anyone tell me how you would go about structuring a lease option on a duplex?
Thanks.
Re: lease option duplex - Posted by Dan Str
Posted by Dan Str on August 14, 2007 at 10:24:37:
Step one is to hire an attorney and have him give you state specific advice.
I bought a 3 family this way. The attorney gave us (the seller and I) a master lease for the entire building on which all of the lease terms were written. He then gave us a purchase and sale agreement that stated all of the terms of the sale. Both documents were recorded in the town records.
If you plan to sell using this method,having the legal advice first will help you have a better idea of what your parameters are for selling this way.
For marketing purposes, putting “Rent to own” or “Lease to own” is a great ad or sign that will get you a lot of calls. Be sure to put something about what earnest money amount you’ll be asking for in your outgoing message as a method of screening calls.
I hope this helps.
Best,