Hello again, I have an inquiry in regards to lease optioning and multiple units. Is very complicated or near impossible to lease option a house that has 2 or 3 units?
Can you eliminate problems by the way you structure the duration of the lease option?
a) you give one tenant potential buyer a 1 year lease/w option to purchase (occupies unit 1)
b)you give the other tenant a shorter lease (8 months) (occupies unit 2)
c) Is this an unrealistic scenario
thanks to all for any solutions, suggestions or clarification
Hi tom, I need some clarification on your post. Do you mean I need a motivated seller or buyer? Would I not need a motivated buyer since I am the person offering the lease with option to purchase?? (which make me the seller)
thanks for the response
Note: I am not trying to question your understanding, I am just trying to clarify my understanding
thanks tom for the clarification, I realize that I may be repeating the same inquiry but how would you structure the lease with option to purchase with a house that contains two or three units
a) eg. If house has two units, the tenant/potential buyer that occupies unit 1 would get a 1 year lease option
b) the tenant that occupies unit 2 would get a shorter lease (6-8 months.
Can you give both of these parties the same lease duration (12 months) and guess if the tenant/potential buyer is okay with the idea of retaining or inheriting tenants, everything can be A okay?
My apologies if I am repeating myself but I realize the enormous potential in lease-optioning and when I execute it I want to do it correctly
thanks for your repsonse…
You may structure them anyway that you want to, but what is the 8 Month Option Guy tells the 12 Month Option Girl that he is getting 8 months to buy the house?
There may be an upset 12 Month Option Girl.
I love to give 12 months, because only about 30% of the people actually buy the homes after 12 months; they forfeit their deposit if they don’t buy, so I just get a new deposit from the next Buyer/Tenant.
Just be careful about having different lease option periods amogst tenants who may talk to each other.
thanks tom, I never consider that possibility, so I believe what you are saying is that both if tenant/buyer for unit 1 and tenant for unit 2 should start they leases in the same month to alleviate any confusion… thanks again for the response, good fortune in investing!!!