What If Tenant/Buyer Tears Up The Property?
Everything I read and hear about LP sounds very good, but nobody has ever addressed this one pitfal for me.
What happens if your tenant/buyer is tearing up the house that you leased them? Let's just say that it will cost over $3K to fix the property and make it ready to lease again...who is liable for this damage? You, the person that LP'd it from the original seller, the seller, or the tenant buyer (like you will ever get anything out of them)?
There are many situaitions that you may find yourself in as a rental property owner. In the situation that you have mentioned above, the renter has caused significant damage to your property. There are a few ways that this could be handled. First of all, yes you are responsible for the damage, unless you want the property to loss value. However, if you have a leasse contract stipulating that the renter is responsible for damages up to $$$$whatever amount, they are legally responsible. Again, there is a downfall to this as well, not many renters will be bangigna t your door to get into a contract like that. Have you thought about checking out the option of section 8? Depending on your area they may be ale to supply tenants and pay for most of the monthly rent, if the tenant destroys up to a certain amount, section 8 may pay for it, if you stipulate that in a ontract with them (I am not too sure if that would work out to your benefit). I also have a question for you, are you willing to contact me for investment opportuniuties in Louisville Kentucky? We can discuss many options and I am not an agent or anything like that, I simply would like to manage property investments and oversee the operations of the property. Contact me if you can. My name is Sam Priddy and My email is **Please See My Profile** :-o
Quote:
On 2004-04-30 16:18, spriddy wrote:
There are many situaitions that you may find yourself in as a rental property owner. In the situation that you have mentioned above, the renter has caused significant damage to your property. There are a few ways that this could be handled. First of all, yes you are responsible for the damage, unless you want the property to loss value. However, if you have a leasse contract stipulating that the renter is responsible for damages up to $$$$whatever amount, they are legally responsible. Again, there is a downfall to this as well, not many renters will be bangigna t your door to get into a contract like that. Have you thought about checking out the option of section 8? Depending on your area they may be ale to supply tenants and pay for most of the monthly rent, if the tenant destroys up to a certain amount, section 8 may pay for it, if you stipulate that in a ontract with them (I am not too sure if that would work out to your benefit). I also have a question for you, are you willing to contact me for investment opportuniuties in Louisville Kentucky? We can discuss many options and I am not an agent or anything like that, I simply would like to manage property investments and oversee the operations of the property. Contact me if you can. My name is Sam Priddy and My email is **Please See My Profile** :-o
You can't lease/purchase to a section 8 tenant... That's a whole different animal...
[addsig]