kfinkelstein

agreed, just making sure the worst case is known.

This is illegal, I believe, at least in Florida. Advertisements for real property must be current and materially accurate

A lease longer than a year should be drafted (read: rubber stamped) specifically to the deal by a lawyer. Its pretty common and most lawyers around here will do it for a flat rate of 50-125 depending on how many last names are in the title of the company they work for. Can probably get away with not doing it, considering the principle to homeowner relationship, but if it ever goes to court, compliance would likely win a few brownie points.

Thanks for the reply. I got in contact with a buddy of mine who's been practicing real-estate locally. His answer was that the law only applies to real-estate agents, and that owners of the property are exempt. Hes gunna look it up. Ill update with the definitive answer for posterity.

Did a search with no luck. Working on a deal right now. Seller calls me and says she was told by someone that you can't lease for more than a year in Florida. A quick google search shows this is at least not untrue. Does a lease with option to purchase allow for the three year term, or should I just do a renewable 1 year lease with a 3 year option to purchase?

yeah, i looked at it again and the numbers dont quite add up. ill probably have to walk from the deal. i guess i was to excited with my first yes to put the pieces together.

Present owner is open to anything, as long as it works out for him. I am hoping to do a sandwich. the market in the area is a buyers market, comps run at about 167000 in the area, but the house has been improved and is at the higher end of the are market. rents in the area run at about 1400 which is about what im aiming for and i will support the neg cash flow.

ive got my first deal but im drawing a blank $187,000 4bed/2bath 1400sqft $1600/mo The guy is an investor moving out of town and looking to get rid of his property, which he supports a negative cashflow on the excitement is probably just clouding my head, but now what?