Asked by Tom Cullen, Honolulu County, HI • Tue May 8, 2012
I sold a property in 38125 through via lease purchase. It was a rental. My experience investing in Memphis rentals out of state (hawaii) has been bad. After evicting a bad tenant, decided to take advantage of my PM's lease purchase program. I was told the buyer/tentant is responsible for maintenance and repairs. It's been 6 months since the agreement was entered into, and I just got a bill for 1k for HVAC work done on the property!
The lease purchase agreement clearly states that the buyer/renter is accepting the premises in it's current condition. Also, that the buyer/tenant is responsible for ALL repairs and maintenance.
Any good RE attorneys out there?>
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