Daria, Other/Just Looking in

How to find an investment property with leaseholder?

Asked by Daria, Mon Jul 8, 2013

I'm looking in to buying an investment property, however mortgage won't be approve unless I have a signed lease contract ( including secure deposit rent) on the property before the escrow closes. How can i buy a property with leaseholdes or rent it out fast? Any advise on how to make it work? Thanks!

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3
work with a local agent, you will have better luck.
0 votes Thank Flag Link Wed Jul 10, 2013
You can work with the seller and have him lease the property before you close escrow... you would need to approve of the tenant and the terms.

Are you working with a buyer's agent? Sounds like you could use the help of a experienced buyer's agent that understands tenancy issues as well as loans.

ron@select-realestate.com
0 votes Thank Flag Link Tue Jul 9, 2013
It sounds that you need an extra income in order to qualify since this property might have unit(s) vacant. Get a co-signer or prospect tenant with a lease signed and security deposit dated within the time required to close and check with your lender for approval.

Do you have an agent?
0 votes Thank Flag Link Mon Jul 8, 2013
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