Investor · Fort Walton Beach, FL · Member since 2014 · 13 posts · 1 vote
I am looking for advice on making offers on houses to use as short-term rentals. I currently own 2 vacation rentals in the beach town in Florida where I live and have a good record regarding income and consistent 5-star reviews.
Now I want some properties in a college town where I have 2 sons in school. I’d like to rent them out on Airbnb throughout the year and also have as a place for my husband and I to stay when we visit. I am looking at a few houses that are listed on Craigslist as long-term rentals. Ideally, I’d love to buy them instead of rent them to re-rent (I would be completely upfront with the owner about my intent.). I am looking for advice on offers to make to the owners. I’d love to be able to rent-to-own if possible. I’ve never done that though. How can I make a rent-to-own offer that would be very appealing? And what approach should I take if they are not open to rent-to-own?
Lender · Central Florida Markets · Member since 2017 · 137 posts · 135 votes
8y
Amy,
There are a number of creative ways to finance a home . Rent to own would be one of the more common. see if seller has interest. I think by giving yourself an option you are risking less in the long run.
For some reason if the STR doesn't work as you thought it would than you walk away minus any small money you may have put up for the option.
It would be considerably less stressful than having bought the home and now being in a situation where you want out of the home . Your purchase costs would be gone , sales costs gone and even possibly the home Devalued .
Most of the time landlords wont allow subleases and will likely not allow Airbnb . However if you intially presented it as Rent to Own , they may be more open .
I would offer the landloard the rent they are asking plus An Option To Buy deposit . He gets a few extra bucks - $1000 -$5000 depending on market . You get freedom to act as you want . Suceed @ Airbnb, or watch the house appreciate and you execute the contract . If it goes the other way walk away , and leave the deposit — which would be much less expensive than having purchased a home and than having to unload it .
I think it’s a win / win
What city are your beach homes in ?
I have a home near USF and would consider a rent to own tenntant / buyer with terms above .