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Updated over 10 years ago on . Most recent reply

User Stats

46
Posts
6
Votes
Octavia D.
  • Investor
  • Irving, TX
6
Votes |
46
Posts

Converting tenants rent to purchase property from the owner, can this work?

Octavia D.
  • Investor
  • Irving, TX
Posted

Due to my lack of funds, I've had much time to think about ways to obtain funds to invest in small apt. units, but this is regarding a half duplex that a FSBO decided to re-rent out after his attempt at selling the property didn't work. Now I'm not trying to do anything illegal or scam-like, I basically want to know can this strategy work for someone who has little to no money for anything dealing with real estate (down payments, monthly payments, etc.). I mean I've heard many times you have to have money to make money and that there are many creative options to obtain funds if you have very little (private money, loans, etc.). But what if all those options don't work for you; then what............so thinking a lot about any creative way that might work but am not sure of. I wanted to know has anyone ever tried to negotiate to the owner to use their tenant's monthly rent amount as monthly payments on you're behalf to purchase their property they want to still sell.? Basically instead of the tenants rent going to the owner like usual for their stay in the home, the tenants rent will instead be used (converted, switched) on you're behalf to pay the owner monthly payments to purchase the property. Can this work, is it legal, has anyone tried it before?

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