 Lease to Own (by David [NC]) Aug 14, 2017 11:29 AM
 Lease to Own (by Robert J [CA]) Aug 14, 2017 3:53 PM
Lease to Own (by Deanna [TX]) Aug 14, 2017 5:54 PM
Lease to Own (by BRAD 20,000 [IN]) Aug 14, 2017 10:43 PM
Lease to Own (by Vee [OH]) Aug 15, 2017 3:35 AM
Lease to Own (by David [NC]) Aug 15, 2017 4:24 AM
Lease to Own (by Nicole [PA]) Aug 15, 2017 7:15 AM
Lease to Own (by Richard [MI]) Aug 15, 2017 8:33 AM
Lease to Own (by David [NC]) Posted on: Aug 14, 2017 11:29 AM
Message:
I have a commercial building that I am thinking about doing a lease to own or maybe a lease with option to buy with the current tenant. Any suggestions to making sure I am protected / covered. Have any of you done lease to own or lease with option to buy contracts?
--71.50.xxx.xx |
Lease to Own (by Robert J [CA]) Posted on: Aug 14, 2017 3:53 PM
Message:
Over here in my State of California, if a tenant had a "contract" and "pays" an "extra monthly fee" towards ownership -- as called "rent to own/lease to own" then the LAW STATES THEY ARE A PARTY OF INTEREST IN THE OWNERSHIP OF THE PROPERTY" and can not be evicted for non-payment of the rent. You can not evict a co-owner which a ownership by contract gives the renter an interest in the property.
You first have to bring a law suit to separate or nullify their ownership, and if successful then you can evict.
Meaning the tenant will make you spend thousands to regain back control of your property and live there a year rent free. SO YOU MUST CONSULT A COMPETENT REAL ESTATE ATTORNEY IN YOUR AREA AND PAY THEM TO WRITE UP YOUR LEASE TO OWN CONTRACT. Good luck. --47.156.xx.xx |
Lease to Own (by Deanna [TX]) Posted on: Aug 14, 2017 5:54 PM
Message:
Why not just say, "Hey, the building is yours for $x. When you have $x in hand, let me know."
And let them get a loan or whatever.
If you're going to rent, rent. If you're going to sell, sell. But things can get very messy very fast If you don't know, in your area, what the dividing line is that gives them an ownership interest, and is the difference between evicting a tenant and foreclosing on a part-interest, it's probably best to avoid getting into that sort of deal. --96.46.xxx.xx |
Lease to Own (by BRAD 20,000 [IN]) Posted on: Aug 14, 2017 10:43 PM
Message:
David,
We have done hundreds of RTO with SFHs. State laws vary greatly so my system might not work in your state.
My big question is WHY?
What PROBLEM are you trying to solve? or are you just trying to be nice?
For commercial I suggest an outright sale rather than dribbling. Also know that at ANY TIME, ANYONE can file bankruptcy and you lose.
Foreclosure is an expensive mess. The creditor/seller (you) loses while the debtor/buyer walks away scott free.
Most commercial is NNN (Net Net Net) which means the renter pays for all repairs, etc.
Businesses are dropping like flies, esp retail. 2016 was a record year for big name retailers filing bankruptcy. In the first half of 2017 MORE big name retailers have filed BK than in all of 2016.
BRAD
--68.50.xx.xxx |
Lease to Own (by Vee [OH]) Posted on: Aug 15, 2017 3:35 AM
Message:
Be especially careful to follow the banking rules in your state, often includes being licensed, here they must make payoff in 23 months or when they reach 20 percent they are now owners - so you face a 16-24 month foreclosure trial if no extensions are granted. Not a place for a beginner to go. --76.188.xxx.xx |
Lease to Own (by David [NC]) Posted on: Aug 15, 2017 4:24 AM
Message:
The problem I am trying to solve is commercial buildings are not fast sellers in my area - they sit on the market. They are also not fast leesers. I think it took 2 years before the current tenant rented. The current tenant is a growing concern but keeps signing short term leases. I don't want my building empty and I don't want to be ready to retire in 10-12 years with a white whale on my hands. If I can get the tenant to sign a longer lease I would be happy and if I can get the tenant to buy the building at the end of decade or so I'd be very happy. Trying to insure they have room to grow and I have a sale when I am ready to sell. Not sure if that rambling made sense but there it is --65.188.xxx.xxx |
Lease to Own (by Nicole [PA]) Posted on: Aug 15, 2017 7:15 AM
Message:
remember that residential and commercial are entirely different --72.95.xx.x |
Lease to Own (by Richard [MI]) Posted on: Aug 15, 2017 8:33 AM
Message:
One possible scenario you might consider:
Auction it off. --66.188.xx.xxx |
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