Should I sublease out a property (manage) to get to purchase it?
I am just starting out. I manage a few properties but am looking for my first investment property.
I would love to buy 1 of the vacant houses in my neighborhood for many reasons but the homeowners are not really wanting to sell yet (I still need to figure out why and approach the conversations with their reasons in mind). But I thought, what if I offered up managing their property for them and renting it out, kind of like subleasing it, but then also mixing in the "rent to own" concept.
Any one ever hear of this being done? Any reason I should not try it out? I would only do it on these properties if the numbers make sense for me and the homeowner but sense they are in my neighborhood I thought there might be less risk/ hassle, and benefit my neighborhood.
Quote from @Alex Kolbo:
I am just starting out. I manage a few properties but am looking for my first investment property.
I would love to buy 1 of the vacant houses in my neighborhood for many reasons but the homeowners are not really wanting to sell yet (I still need to figure out why and approach the conversations with their reasons in mind). But I thought, what if I offered up managing their property for them and renting it out, kind of like subleasing it, but then also mixing in the "rent to own" concept.
Any one ever hear of this being done? Any reason I should not try it out? I would only do it on these properties if the numbers make sense for me and the homeowner but sense they are in my neighborhood I thought there might be less risk/ hassle, and benefit my neighborhood.
The worst that could happen is they reject your offer or refuse to talk to you.
You could also offer a Master Lease, where you pay them a guaranteed $XXXX per month and then rent it to someone else for a higher price and keep the difference.
Ooooo thats a good idea @Nathan Gesner! Thanks. Eventually I would love to buy the house from them so just having any deal with them might keep my foot in the door for when they are ready to sell.
