The ABC Of Renting To Own?
Hi all,
I have a great property for rent in Deland florida (<www.opmw.com>
. As a new landlord, I want to do a rent to own. Where do I find good resources on this topic? In particular, legal application forms applicable for florida?
Thanks, Lamine. 
You're not going to like my answer, but I'll give it anyway.
I highly doubt you will find forms from someone on this site. Most investors have paid a good deal of money for them and put in alot of time studying/understanding what's going on. That being said, you can get a generic form at OfficeMax, Office Depot, or whatever. I personally wouldn't use that form because it's generic (not state specific) and likely to get you burned if it's missing something. Try talking to some RE Attorneys or investors in your area.
Ryan J. Schnabel
I would suggest you might call your local Real Estate Board and ask them if they can reccomend a Broker. When he calls explain that you would like to rent your property with option to buy or contract for deed, whatever. He will come and sit with you and if you are very clever, he just might not charge you for the visit and instead charge the Buyer/Renter.
It is done very often out here in Calif. I know one lady broker of my acquaintance who works almost all the time on Condos for rent. She is never paid by the Owners her sole source of income is the rental fee she charges the Renter wanna be owner. She puts an ad in the local paper and does well.
A little conversation with your local Real Estate Broker cannot harm you. Also you can work on net amounts. You agree that you will rent for so much and allow him to do an add on to gain a fee and cover expenses of buying pens and forms.
For years I had a client that refused to pay a fee for management. Said her Resident Manager was all she needed. He worked for nothing except a small discount on rent. Also he never did anything.
I rented the units and from the deposit and lst and last months rent took a commission. I also got the calls in the middle of the night when some tenant had crushed a water supply line or destroyed a toilet in a moment of flatulent performance. Open flames are so dangerous. I just hired the trades and put an amount on top. All the repair checks came made out to me so it worked well.
After several years of this I suggested she might like to formalize our relationship by allowing us to take full charge of the units.
Inasmuch as she was still sleeping with (occasionaly) her resident manager this could not be accomplished.
Believe me, if you met this manager, You would agree with me when I say the term sleeping was one hundred percent correct. I can only describe him as the perfect blaw. She would have had a more intellectualy stimulating date with my cat, and he purrs off key. Oh Well!
We finaly sold the units which had been our target from the very beginning. I believe the sommulent manager is till in residence. Yes he now pays full rent.
The End Lucius
Go to your local REI club another investor may be able to walk you through the process. Many of these investors may be willing to share the L/O forms they use. Worst case senerio have a RE Attorney write a L/O form which meets Florida requirements.
Thank you guys,
You feedback was very valuable. I noticed one similarity between all responses... I need to work with a lawyer for something like that! I will certainly keep that in mind.
lamine
Check your PM, I sent you a link for some Florida contracts.
Bill P.
lamine,
Can you clarify if you want to rent your units to someone who would like to own or you'd like to buy another building using rent to own technique?
Tinman,
You mentioned above that some states have "crazy laws" and specifically cited NY. I live in NY and am contemplating my first lease option deal... Can you pls tell me more about these laws or point me in the right direction so that I can start researching them? I want to do everything right the first time so I don't have any major headaches down the road. Thanks.
I wish to rent to someone and eventually sell him/her the property
Quote:
On 2004-02-13 16:38, VogueGirl wrote:
Tinman,
You mentioned above that some states have "crazy laws" and specifically cited NY. I live in NY and am contemplating my first lease option deal... Can you pls tell me more about these laws or point me in the right direction so that I can start researching them? I want to do everything right the first time so I don't have any major headaches down the road. Thanks.
I have done deals in new york, but I don't understand the laws because I don't do enough of them. I use a book called 301 Legal Forms & agrrements for all my needs I noticed that on certain transactions New york has different disclosures. When I was at a real estate meeting in NJ an investor advised me to stay out of new york. Because if I wasn't familar with certain guidelines I could jam myself up.
That's all
Lori
[addsig]