All Forum Posts by: Nick M.

thanks for everyone's participation and involvement in this tread ...but would someone please explain ho w a Leas option works? ...with some numbers. I curently charge $850 in rent and would like to sell the property at $60K.

Thanks,

Thanks, this is great info to know; sounds like a lease poption is a better approach....I just have to learn how to structure it and how it works. Would you give me an example of how it would work based on the numbers below?
Current rent: $850
Sale price I would like to get $60K

Forgive my ignorance on this subject but how would the rent count towards the sale price?
Thanks,

Ok, thanks to everyone who is talking me out of the land contract...sounds like a lot of risk.

It appears that the better solution is a Lease Option?

How does that work and how would it be set up in terms of price of the home? interest ? how much of monthly rent gets applied towards the price of the house, etc?

ANy thoughts would be greatly appreciated. Thank you

Thanks Rob for your comments. I just mentioned land contract because that is what I heard of when selling a house and I act as the lender. Not familiar with the lease option but it sounds like that might be a better idea.

How would such a deal be constructed?
Thanks,

A tenant is interested in buying the house he is renting from me via Land Contract. I have not done this before and would like some opinions on what to look for and how to set up the payment?

I am curious what common interest rates should be charged for a land contract - Credit is not the best, they cannot apply for a mortgage so I will finance. Is 6% too low, 9% too high? What about the price of the house? Should I charge a higher price because of the risk I am taking with selling it on Land Contract?

Should I be cautious and collect money for insurance and taxes any pay it myself of let them pay it and I will only collect interest and principal?

Any thoughts are appreciated...as you can see I am new to this and maybe some of these questions are trivial but trying to be on the safe and legal side.

Thanks in advance.

Thank you Brian; So, I was looking at the forms and I was hoping that I could use the 7 day notice for non payment of rent. However, the lease has expired on 1 January and my lease has a section for Holding Over where it states that holding over is unauthorized. I reaqlized that I do not have a clause for the lease automatically going to a month to month type contract.

That said, I am afraid that I may not be able to use the 7 day notice for non payment of rent since the lease is up. I suspect I may have to use the 30 day notice to regain possession of the property which takes longer.

Any good word of advice?

Thank you very much for your time to describe the steps involved in getting the tenant's attention and on how to go about the eviction process.

There is a lot of reading I still need to do and get some help from a professional.

I looked online and came across the "Demand for Possession Nonpayment of rent" form - a standard form for Michigan.

Hello, one of my tenants has not paid for two weeks now and I suspect he is trying to see how long he can stay before he gets more attention. I never had to do this in the past but see myself forced this time. Is there an eviction notice template out there? any suggestions ? I am in Michigan.

Any help is appreciated as I am going through this for the first time.
Thank you,

Thanks for your thoughts;

Merry Christmas to everyone!
I am in the process of renting out a home and want verify the income for this couple that applied for it. My question is: am I legally allowed to do that and how do I go about it? Do I call the employer and ask for the human resources department?

Thanks in advance;[b]