Anyone here currently controlling a rental property with a master lease and an option to buy?
I was contacted by someone about a month back looking to to sell 4 buildings outright to me, I did not have the funds available to do anything about it so I passed the info along to someone that was looking to get into rentals. Well the person did not end up buying as he changed his focus area. A month later the same person emailed me in response to an ad I have on Craigslist looking for SFH houses on lease options that I was planning to sublease to tenant buyers. I responded back that I did not have cash to go forward with a purchase but would be interested in controlling them for a few years with a master lease and having an option to purchase them later on when I have my ducks in a row. She wants to talk it over via phone and get the details, I’m hoping this might go though. I would be taking control of 4 properties (9 units) totalling just over $1mil with just ink on paper if all goes according to plan. With the current owner now living out of state I think he’s faced more with an inability to control them rather than a financial need to sell. And in this state property management companies aren’t exactly plentiful for him to help as a prop manager needs a real estate license to operate here so you have to deal with overpriced and probably already overworked realtors that don’t really know how to run properties.
If anyone has an example doc I can sponge off to use for my master lease it would be appreciated. I need something that is a straight lease that controls the whole building and gives me rights to sublease as well as lays out things like me being responsible for placing tenants and maintenance. It cannot be a management contract due to the above mentioned laws.
I have an 8 page lease and an 8 page option contract but not really designed as a Master lease,might be helpful though…Darin
If possible email it over to me. My email is in my profile.
I found an attorney that will do it for $100 with a 24 hr turnaround. Cheaper than I expected…
that’s like trying to do your own brain surgery… u CAN do it… but i don’t recommend it.
just fork up the 2-3 hundred bucks and save yourself THOUSANDS later…
Read my last post, an attorney is doing it.
$100 well spent Chris , did get your mail but sounds like you have it handled, If I can help w/ anything else let me know,
I’ve got the contract from my atty, if anyone wants a copy let me know. I will send you a copy.
If you don’t mind forward me it as well… though I am just starting, I find reading contracts does give me some overall knowledge and sometimes I have found clauses or such that I would not have otherwise thought of… Thanks
Thanks for sharing Rich
I will send you mine too,
Here, rather than email everyone just click here: http://cthomeownersolution.com/leaseop.doc
Ps- I am not a lawyer, I don’t play one on TV, and this does not constitute legal advice. Please consult your attorney on the use of this contract before using it.
If anyone does a million dollar deal with this contract send me $1000…cause I said so. :cool
Ps- Note that I added assignment language to it in the text of it rather that writing it in the blank to make it seem more standard so it doesn’t throw up flags.
That was very generous to share Rich…txs
I will send you $1000 if I use it. I’m always coming across multis in Joisey and was also wondering about such an animal.
I just got Mike Carbone’s manual on L/O and its great!
If you have downloaded the contract please delete your saved copy and download again, it has been updated and the file name is slightly different now. I had the atty add a section that mentions the security deposits and that they transfer upon signing. Can’t believe I forgot that previously.