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Updated almost 10 years ago on . Most recent reply

User Stats

47
Posts
14
Votes
Pamela Holmes
  • Duluth, GA
14
Votes |
47
Posts

How to Change a Lease agreement with the previous owner

Pamela Holmes
  • Duluth, GA
Posted

I contacted the owner about a property that was advertised as vacant. However, when I went to view the property there was an entire family that had just moved in two days prior to me coming to see the property. I was told the previous owner had signed agreement with the tenant for only $650/month. I was very upset and contemplated backing out of the deal, but the owner (who is a private lender) was willing to do an owner finance deal with me. I saw this as a benefits due to this  gives me the opportunity to earn passive income without the debt showing on my credit. Terms of the loan with the lender/seller:

Sale price: 45,000

15% down at 9.85% amortized over 30 years.

My question is: Can I update the lease agreement the tenant has with the previous owner?

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