Offlinein my town, I found a duplex that needs a good amount of rehab. I talked to the seller about a lease to own which he accepts but I am a little bit unsure on how to structure the Lease to own so that if I cant pick up the option I am able to recoup my rehab money. I am thinking on doing the rehab gradually, one side has tenant and the other side is vacant. starts the rehab on the vacant side then move the occupied side afterward. Any ideas on how to structure deal please.
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Hi Deeapnou
In my opinion if u need to recoup your $$$. Ask for time with out paying till 2 apt are rented at lease. It will help you make the payments to him plus extra to help you with the rest of the rehabs. Set up and amount to pay to the owner base on your investment amount, Expenses and repairs evaluations and calculations. and if he agrees on it good!! $$ and work. But Make sure everything but everything is in writing with (.) and (,). #2. Market the place before you start repair. It will help you fill the vacancies and qualify tenants mean wile you are repairing & getting qualify tenants at the same time. Also, the appearance out side of the complex is important to get good people. Then fix what is vacant first. Rent it out so it can start producing income for you. and mean wile talk to the Present tenants to see what they need to be repair ASAP emergencies only so the complex do not continue to deteriorate. and fix it so they do not leave the premises. Keep them Happy saying that as soon as you are done with the mayor repairs you will fix what they need but keep it minimal like paint, or carpet Cleaning or replacement. Never the less, but Very important set up and expenses and management system very important.
Let me know how it went.
Success and Nothing Less!!
Wening
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Positive mind + Positive thinking!= Positive Success! Wening