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About Chaniël

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  1. thanks michael and lynn for your reply, @michaelc the 324.000 is the asking price of the seller, It is too high for a property that is not finished. I am planning to offer him a 275.000. excellent advise concerning the rent of 2500. This is the local rent in the area but for the higher segment. the lowest price in the area is 1750 a/month The 10.000 renovation costs is a rough estimate. If the seller agrees with a ooption lease, I will have a look with some contractors to estimate the exact price. I am proposing a consideration fee of 2% of the current value. in my opinion, if the repairs are more then the 2%, the selling price will have to go down too. @lynn I am planning to rent the house to tourists visiting our island. Tourism is growing in the recent years. the 4000 will be my income from this. the 2500 (or less see above) will be my monthly lease to the owner. @michaelc which documents will I need for this rehab - Sandwich lease option? @michaelc what is your opinion about me renovating the property instead of paying the consideration fee? Do you think this bring certain risks? Thank you guys for the quick reply. Greetings Chaniel
  2. Dear forum members, I am new to the forum. Recently I trying to do a normal lease option in the Caribbean real estate market. I have found a seller who has a property that is not completely finished. There will be an investment in cosmetics like: doors, sanitary, electrical wiring, gardening. I want to make an agreement that as a consideration fee I will finish the property. I am planning to rent the house to tourist visiting the island These are the details: Asking price 324.000 Costs of repair 10.000 Monthly market rent (due to seller) 2.500 Market value after repairs 350.000 My montly income would be +/- 4.000 I will propose a lease option deal for 4 years How would you guys as professionals look at this deal? Some other questions: If I understand correctly I will need 2 documents: lease and option agreement Do I need an escrow account? I know my seller has very good connections with the bank who financed the house. Is this a bigger risk for me you guys think? Regarding the Due on Sale? How can I avoid being double crossed by the seller with the Due on Sale Clausule? I hope to learn from the professionals! Maybe someday I will be one also. Thanks in advance Chaniël
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