All Forum Posts by: Cheryl C.

"Form over substance"

Inflict pain? Seems absurd. If it's not clearly prohibited, I'm renting to this guy if his current situation qualifies him. I've seen enough rentals to recognize a "good" tenant.

I don't really follow any 50% rule. There are many factors that I consider. I just plod along and figure out what is best for me.

Carlos,

From a blanket standpoint, you are probably correct. I trust my gut on things like tenant selection. I've filed only a handful of unlawful detainer's (evictions) in 25 yrs. I have only a bit of knowledge on his current situation and I would clearly conduct some due diligence before going any further.

Well Maryann, there you have it. This is a situation of first impression to me and I will, obviously, comply with the law (as such; it's more contractual...). I have no addendum from BOA stating such thus far. Do I think it reasonable or furthering some cause? In some cases, yes. Avoidance of fraud on the lender is something we can all respect. Does it overstep? Yes, clearly. What purpose does this serve in my (and the previous owner's) situation?

I know of many foreclosure auctions where a close relative bought and allowed the son, daughter, parent, sibling to stay in place. There is a ton of fraud out there, in every walk of life, but an arms length rental should be left alone. Just my opinion. Everyone should take a step back and think.

Jon,

There would be no lease purchase. This guy paid 400+. I am paying 220K. He needs to live somewhere and I would charge fair market rent, which is much lower than his current piti. I don't allow excuses or whining. I'll require a hefty deposit and a co-signor if necessary. I'm not looking to cheat the bank - I have zero connection to this guy and only spoke with him 3 wks post contract.

Stop it! You are killing me!

"...just another brick in the wall.."

BOA is the lender.

Jon, I understand what you are saying and that there are valid reasons behind it. Is there a document to this effect or something in writing? This would be "arms-length" and at Fair Market Rent. I've purchased a number of shorts where I have inherited tenants; this is the first owner-occ that I have come across. I used to buy reo's at the courthouse and did do rent-backs a couple of times. Can you site regs?

I hope this is the right forum. I have a contract on a short that I am pretty sure will go thru. The current owner wants to be my tenant. Can I lease to him? Is this considered some sort of fraud/collusion? I don't know the guy from Adam. It sure looks like a winner to me. The place is very well maintained. I planned to buy and hold and this would give me zero down-time, no painting, cleaning, carpet or anything else.

Can I do it?

Ryan, I don't know which I am more jealous of: owning a very cool property or finding a bag full of silver coins (uncirculated?). Both, actually. I saw an old bank conversion on HGTV a few years ago and it was awesome! I also have a coin collection, started when I was 8. Congrats all the way around.

Those are yours. If you want, I'd be happy to take, ahem, the whole mess off your hands!