I have an hoa and we cannot rent here but we can do a rent to own : ezLandlordForms

Start a new topic

I have an hoa and we cannot rent here but we can do a rent to own

Benita R

started a topic about 12 years ago

I do i go about making a rent to own application. And do i charge additonl fee to the rent for the rent to own option. How does this work exactly. Im moving out of state can I make an account for my tenant at the bank to deposit the funds So there is a purchase price then additional money for this option that goes towards the purchase price when the date is here to buy the home? Thanks benita crazyjeep_honey@yahoo.com

2 Comments

Bob R

said about 12 years ago

Open a separate account in the town you’re moving to and call it Investment Acct. Use a bank such as B of A, Wells Fargo, etc if they are located in both towns. Give tenant the act # for them to deposit $$$$. After check clears, transfer the funds into your rental acct. except for approx $20. The Investment Acct acct is only used for tenant to make deposits, not to pay rental expenses. You should have another acct for that to keep the IRS happy…… As for the Rent to Own agreement, unless you have experience in this area, you should really consult an Real Estate Attorney to create your agreement. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance

Benita R

said about 12 years ago

and what type of forms do I use here for this lease option to own