Lease Option/Rent-to-own in Indianapolis

[Jack Liu]

Hello all,

I own a rental property in Indianapolis (Fountain Square area) that I am considering to do a lease-option to sell in the near future. I am a fairly new investor in the area so I am just curious if anyone had success doing lease-options as a landlord in Indianapolis. Thank you for the help! 

[Harvey Levin]

Be very careful with lease options.  2 major lease options companies are under investigation for predatory practices. It has been common to make the tenant responsible for all repairs but in Marion County, it is still the Landlord responsibility. There are also very strict rules about when you must do a forclosure rather than an eviction.  And depending on how much has been paid in if a refund of payments may be due on the foreclosure.  A good attorney that has experience in this aspect of Real Estate can help make sure you are doing it properly. so that it can be profitable.