Hi i just started investing in rent to own properties. I have motivated sellers giving me there properties under rent to own terms, i then sub-lease them to my tenant buyers, the question is what happens if my tenant-buyer has a fire in the place, and the property burns down. who is responsible for the damage? I understand that there could be other things that can go wrong, just wanted to know how to keep your self in the clear. I would like answers from investors who do this kind of investing, or any one who has the knowledge. Thanks a bunch
I can only assume the homeowner in this deal has property insurance. So that would cover the damages from the fire. Or at least it should, unless it can be proven that the tenant/buyer started the fire intentionally.
Thanks for the advice i really appreciate it.
keep us updated. I am exploring that option myself.
What option? Starting fires?
(Sorry, couldn’t resist. :rolleyes)