Re: rent to own - Landlord Forum thread 357641

Re: rent to own by anon on May 31, 2018 @19:49

This is bothering me. The 2 comments are incorrect. A rent-to-home OPTION contract is not a simple one to create. And you as the owner create it in conjunction with a real estate attorney. For example, did you: think of who pays the property taxes, who pays for all repairs, who will get the document signed, notarized, and recorded in the county. Did you think about how easy it is for renters with such a contract to discontinue paying the rent, ruining the property, holding over when you try to evict. Are you becoming a mortgage lender in the process--holding the note? Are you planning to report your interest income and rental income to the IRS and pay taxes on it? There is so much more. Please buy a book and study this seriously at a minimum. But do more than that. I took a seminar about 10 years ago on the complexities of this very topic. I wish I could send it to you but it is copyrighted material. What I took home was that one should stay away from rent-to-own option contracts UNLESS you own a property that you need to sell and you cannot find a buyer. Do you know what an option is? Do you know the particulars of the option? Etc.

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