 Sellin To Tenants (by Rich [RI]) May 9, 2009 7:52 AM
 Sellin To Tenants (by Quackers [AR]) May 9, 2009 7:57 AM
Sellin To Tenants (by Rusty [MD]) May 9, 2009 8:13 AM
Sellin To Tenants (by Rich [RI]) May 9, 2009 8:23 AM
Sellin To Tenants (by SAM [OR]) May 9, 2009 9:39 AM
Sellin To Tenants (by Jason PA [PA]) May 9, 2009 9:58 AM
Sellin To Tenants (by Rich [RI]) May 9, 2009 1:33 PM
Sellin To Tenants (by Lynda [TX]) May 11, 2009 7:44 AM
Sellin To Tenants (by Rich [RI]) Posted on: May 9, 2009 7:52 AM
Message:
Purely hypothetical. If I offered a property to tenants would it be legal for me to say, yes I've received 20% down to help them with getting a mortgage? I could offer as "proof" rent receipts for the past couple of years.
This is purely an exercise in future thought. --68.229.xx.xxx |
Sellin To Tenants (by Quackers [AR]) Posted on: May 9, 2009 7:57 AM
Message:
have you paid income taxes previously on the money received as rent? If so, claiming it now as a downpayment has a technical term: "mortgage fraud." --69.152.xx.xx |
Sellin To Tenants (by Rusty [MD]) Posted on: May 9, 2009 8:13 AM
Message:
You would still have to face an appraisal. Would your price reflect the selling price plus 20%? --71.166.xx.xx |
Sellin To Tenants (by Rich [RI]) Posted on: May 9, 2009 8:23 AM
Message:
OK, never mind. Don't need IRS trouble and I'm not touching anything that seems like fraud. --68.229.xx.xxx |
Sellin To Tenants (by SAM [OR]) Posted on: May 9, 2009 9:39 AM
Message:
Are you carrying the contract?
If so, I don't see a problem unless you are claiming illegal deductions.
If you are telling a thrid party, then yes... --71.220.xxx.xx |
Sellin To Tenants (by Jason PA [PA]) Posted on: May 9, 2009 9:58 AM
Message:
If you can document 12 months cancelled checks it is supposed to be easy to get a tenant with a decent creedit score a mortgage with minimal down. You could also write up a lease option, where they are earning $x a month in rent credits. --69.253.xx.xxx |
Sellin To Tenants (by Rich [RI]) Posted on: May 9, 2009 1:33 PM
Message:
I'm not really doing anything. When the time comes, I'll do a straight sale with the tenants having first refusal and a lower price due to no RE agent being involved. --68.229.xx.xxx |
Sellin To Tenants (by Lynda [TX]) Posted on: May 11, 2009 7:44 AM
Message:
Amen! Rich--that is the way to go!
But if you want to HELP these tenants purchase the property, you can sell them an Option to Purchase the property. Take from them an option FEE of $2-3K, than a couple years later when they are negotiating a bank loan, you can grant BACK to them that amount to help secure their loan by beefing up their downpayment to the bank. --140.140.xx.x |
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