Johnny Frigo, Real Estate Pro in Chicago, IL

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

Asked by Johnny Frigo, Chicago, IL 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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