Skip to main content

Considering making my landlord an offer to buy at the end of our lease

I’m about to move into a rental house that I am already so excited about, I’m thinking about making the owner an offer to buy it when our lease ends, and want some suggestions on the best way to do so.

For background, I sold my condo in 2020 and moved into a rental. My plan had always been to buy again in mid/late 2022, but my current rental is unexpectedly going off the market which left me scrambling to find another place sooner than I hoped.

However the new rental I found is almost exactly what I’ve been looking to buy for our ideal 10-20 year home, in terms of size, layout. And it gives me a chance to test drive the neighborhood. We’ve signed a 12 month lease, but are thinking if we end up really liking the house and neighborhood we want to make the owner an offer to buy.

I’m not seeing a sale history for the house on Redfin, if that means anything. Also the owner has the property managed by a property management company so I probably won’t be interacting with him at all directly.

It’s a detached SFH in a neighborhood where comps have sold for $700-800k (Washington DC) which is my target budget, and at that price we can do 20% down.

What do you guys think? Do we make our intentions known early, or wait until it’s time to renew the lease next winter? How do we figure out the best offer price? Do I write the owner a personal letter or go through the property manager? If any of you have sold a home to a tenant in the past, what influenced your decision?

submitted by /u/three_a_day
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/r5nzlx/considering_making_my_landlord_an_offer_to_buy_at/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more