Updated about 8 years ago on . Most recent reply
Lease to purchase for my tenant.
Hello Bigger Pockets!
I'm looking to buy a home with renter already established (a huge blessing), and have been established for 8 years now, they don't want to leave. They have agreed to increasing the rent to $1,200 a month from $1,000 a month (even more awesome). But the question I have is they really want to Lease to Own. I have NO clue how this works and how I should approach the current renter about answering his questions. He is also okay to sign a longer lease. He explained to me that he will have $5,000 to put down the middle of September and 10K this time next year. Now anything can happen, I understand that, but what direction do I take on this to cover me and make sure I don't say or explain how lease to own truly works. sale of the home is 130K.
Thank you for any and all help you guys can provide!