BiggerPockets

(shrug) personally, if I were paying all that money and paying all the expenses, I'd much rather be making mortgage payments than rent payments.

However, somebody is doing it. Master leases aren't all that uncommon, although I think more common for things like shopping centers.

Simply put, the Banks aren't interested in Lease Options. Herbster

Uwe, aren't you outside the USA? If that is true, have you looked for investors in your own country? Interest is starting to pick up in investing in the USA

P NW,
Yes Germany is my home country, but its east germany, the former GDR (20 years ago now). Here we live with over 12% unemployment since 1992, okay the social network is very stronger (should I say better) then the US system, but we have other problems.
The main problem is, no one has many money, so I can´t find other investors for this. The next is, no one has interest in this plan. I called the owner of the apartment complex, what I work for, only Europe his answer.
I live in a rough area here in Germany, but not so rough in common with Ohio. We have no weapons and we don´t shooting us here, the last murder of two was 2005 - 30 miles away. The only big law prob is we have thousand speeders on streets :). Its a quite live here.

Matt,
No one will stay in Ohio, I called the reia of this town and he said no interest. I don´t understand that.

The propertie can bring $131k gross and $62k NOI, without the property manager it can be rise to $70-72k, thats a value of $830k then for this building.
All the info what I have is from July 2009.

What the hell, I take a look every week.

-Uwe

Lease purchase, rent to own, and lease/option are more commonly used for SFRs and small properties. Master Lease Option is usually applied to larger buildings. I'm sure there are subtle differences between all of these and between any two deals, but all are essentially the same concept.

Jon, P NW,

Thanks for your advice, I see a Master Lease is not an option for me.
So I take a look now for lease purchase, rent-to-own and so on.

-Uwe

Uwe,

Just about everything and anything is negotiable. Sometimes it depends on who the other party is; if a bank, then they have their rules that they will follow because they know nothing else.

How flexible the other party is can sometimes be measured by whether they are willing to accept things you want to negotiate, and how close they come to your position (by moving off of their position).

Now, most of the time, you will have to provide funds to get the "option to purchase", so don't get your hopes too high - but it doesn't hurt you too much to try :)

Master Lease Option is a great way to go, as long as you break even or can cash flow. After that just work on imporving the NOI. Seems like you have a little room to do so since you mentioned the property is 85% occupied, leaving you 15% vacancy which you can fill-in right away. Good luck