Here is the situation, the property owner who posted a “for rent” ad agreed to consider a lease/option solution. problem is that now the owner live in part of the property, only renting out half of the house. i.e. basement. would this work?
I’ve asked this before and most people’s opinion is that it will not work. since TBers will have contact with owners. I just want to confirm this once again, because i find that when do cold calling, majority “for rent” ads that i call are owners renting out part of their houses. Should i just scratch them all out?
if not, is there a solution to this?
In most states it is illegal to rent out the basement unless it is an inspected and approved legal unit in a legal multi-family residence.
If the “seller” has no intention of moving out, the place isn’t really for sale.
What buyer is going to buy from you with a lease option (or any other method of purchase) if he can’t get possession of the house to live in it himself?
I suspect that you will do a lot better if you move on and try to make purchase arrangements with a seller who is actually thinking of selling.
what i am talking about is cold calling “for rent” ads in newspapers for “lease/option” deal leads.
many experts (at least they seemed to be) like Peter Conti, Wendy Patton… they do a lot of lease options, and recommended calling “for rent” ads to produce leads. they say that it works a lot better than “for sale” ads. i even got the script, just not sure what to do with the ones that are owner partially occupied.
as for code violation or legality about renting out part of the house…i live in Canada. forget about the legal issue for a second. i just want to know about the owner occupying situation.