I have a tenant whose lease is coming due. I have bought the property with a partner and we both want to sell the property and part ways. What is the best manner to contact the tenant and find out if he is willing to do a Rent to Own. Can I get upfront option money from him. He has already paid me one month security deposit. How can I ask him to give me more option without getting him offended.
I would approach the tenant one on one and let the tenant know that you would like to offer him the chance to purchase the subject property under the following terms (what ever your terms are).
The ideal approach should be a win/win, where purchaser and seller both benefit from the sale.
Make it a win/win by offering to give the tenant credit towards the purchase for the deposit that you indicated in your post.
Sell the benefits to your tenant
Fast equity growth
Part of rent goes towards purchase and he will no longer be throwing his money away
And the list goes on.
If your tenant is unable or unwilling to purchase you should cover your self with a Notice of Intent to Sell.
Thanks for the reply but pardon my ignorance what do you mean by notice of intent to sell. Where can I get that form?