Long time no post.
I will be closing on my latest purchase on 25 OCT. 4 Bed, 4 Bath vacation property 10 miles south Breckenridge CO ski resort. Very excited. Happy to hold this one for a few years, add some value with upgrades, VRBO/AirBNB, use it as a second home and then collect on the appreciation in 4 or 5 years. Also mulling over fractional equity ownership for 2nd home buyers looking for affordable Breckenridge vacation home.
I was a able to find a double whammy of distressed buyer and distressed property! This might be my first 100K profit margin. Fingers crossed.
As part of the agreement I will be leasing back the property to the seller at no cost for 2 weeks.
Here is my concern: Can I, and should I, use my buyers home owner inspection as a renters move-in-inspection checklist?
Negotiations were ruff and the process unconventional. Current owner is challenging and frankly a little wacky. I don't really want to go through the house again while he still occupies it. I won't be taking rent however, I will be taking a $3500 deposit, and all other standard lease verbiage will apply.
I don't see any obvious issues with using a home inspection as a renters check-in-list. Also, I will have insurance in place. My concern is that the seller will be resentful and give up any sense of ownership or responsibility after we close. I'm afraid he may sabotage parts of the property out of spite.
Any feed back would be graciously appreciated.
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I'm Assuming there are pictures of every room in the home inspection? if pictures of areas are missing i would get in and do another round of pictures or a video and write something up that the home inspection and all pictures taken before the signing date are all true and reflect the condition of the property before leasing it, and have them sign it. this way as long as you can show the time stamp of the pictures, that they are before the sign date, you should be ok, and you have the date of the report which would be before then too.
@Mark Hoover I had thought about adding an addendum to the sales contract and holding over funds. However, if issues were to arise, that would require me to use holdover funds, I believe it would add an extra layer of complications and potentially tie me and the property up in the courts.
@Patrick Liska Thanks for the support on this. The inspection was thorough and each room was covered well. Some minor defaults were identified of which I won't hold the seller liable. I will definitely have the seller agree to and sign the inspection docs. He may not be reasonable but his agent is. fingers crossed.
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