Johnny Frigo, Real Estate Pro in ,

How to structure a rent to own deal. Want to buy house and sell to friend and me be financer.

Asked by Johnny Frigo, , Tue Sep 17, 2013

Okay so I'm comming into some money, not a huge amount but dont realy have any plans for investment. A friend of mine wants to buy a cheap condo. Doesn't have the best credit. I was thinking about buying it paying cash, hopefully getting a discount for cash, selling to him at origional listing price and doing a rent to own and charging like 5% interest. What would be the best way to structure this? Who pays taxes, repairs, etc? I would imagine him since he's the future owner. Who's name does property stay in until it's paid off?

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Ken Gerrans’ answer
Johnny,

You can do this. There are a couple of tripwires, though.

I would be happy to take you through this scenario, but it's a little complicated to lay out in a limited number of characters.

Feel free to contact me and I would be happy to help you make the best decision and/or structure a transaction like this.

Sincerely,

Ken Gerrans
john greene Realtor
630-946-4688 cell/text
kengerrans@johngreenerealtor.com
0 votes Thank Flag Link Tue Sep 17, 2013
Hi Johnny,

It is a rather involved process, that is best to consult with an attorney. I can explain the highlights of the process a bit. If you like please call me and I will be happy to refer you to a good Real Estate attorney as well. 630-915-1730.
Hoody
1 vote Thank Flag Link Tue Sep 17, 2013
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