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Forums » Rent to Own a.k.a. Lease Purchase, Lease Options » How to approach getting a lease option or Cooperative Assignment on a Townhome?!?

How to approach getting a lease option or Cooperative Assignment on a Townhome?!? Subscribe to How to approach getting a lease option or Cooperative Assignment on a Townhome?!?

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David Sirmons

Real Estate Investor


Forum_avatar_avatar-davidsirmons

Icon_minipost Oct 06 '09, 05:21 AM

I have several leads that are townhomes. I'd like to get a 'Lease Option' (more specifically, a Cooperative Assignment) on a townhome. However, I'm not familiar with the general approach I should use, regarding 'HOA' or whichever restricting body is in place on such structures. Do I just contact the main office (or whatever) and tell them I'd like to get a contract on one of their Tenants? Likely not.

If anyone has legit experience doing a townhome Lease Option, I'm all ears. Please help!

Edited: 06/26/2010 at 09:57AM


Brian Gibbons

Real Estate Coach · Monrovia, California


Forum_avatar_avatar-reiskills

Icon_minipost Oct 06 '09, 02:57 PM

Hi David:

I'll try here.

The best approach is to talk to the owner (and create a letter from Owner to board.

Boards have RE Lawyers on their board, so read the articles of the HOA.

Many HOAs have max ratios of renters to owners. Sandwich Lease Options on HOA property is not easy.

So maybe a creative sale such as an Installment Sale or Wrap - AITD. Due on Sale clauses can be mitigated with Land Trusts.

I hope this helps.

Brian

Edited: 06/26/2010 at 09:58AM


Herb V.

Real Estate Investor · Vicksburg, Michigan


Forum_avatar_avatar-herbster

Icon_minipost Oct 07 '09, 12:02 PM

Use the same approach you always use for a co-op on a single family res. Once you believe you have a deal then address the HOA. Herbster

Edited: 06/26/2010 at 09:58AM


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