verbatim 1 Report post Posted January 19, 2004 spoke to a couple that is getting a divorce. i offered to make the payments and rent it out. Now i need to know from you all if it would be a wise/unwise decision to do a deal with divorcing couple. how can i do the deal and cover my butt? Verbatim Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 20, 2004 It's a wise decision if the numbers work and the formerly loving couple can agree to the disposition of the property. I would start by knowing how the title reads. I assume both names are on it. If so, all parties on the title must sign any agreement with you. Then, I would be certain to record a Memorandum of Option if I was planning on holding the property long term. (If I was assigning it, then I wouldn't be overly concerned with this step.)If it turns out either one tries to stick it to you later on and pull a fast one, my advice would be to sleep with the ex. That'll teach 'em . Share this post Link to post Share on other sites
verbatim 1 Report post Posted January 20, 2004 hopefully the wife isn't the one who tries to stick it to me! I'm not trying to sleep with her ex... Being that they hate each other, and both own the home, will leasing from them be setting my self up for failure in any way? Verbatim Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 20, 2004 Being that they hate each other, and both own the home, will leasing from them be setting my self up for failure in any way?Possibly. What sort of "feel" do you get from these folks? Do they leave you feeling warm and fuzzy? Or, does everybody seem jumpy and irritable and vindictive? Are they motivated sellers or are you a motivated buyer? Step back and assess the deal and the potential risk/reward ratio. Make an informed and unemotional decision. If you do decide to go for it, there are a number of safety nets you can employ to protect yourself. Share this post Link to post Share on other sites
rg200 0 Report post Posted January 21, 2004 Put the house in a land trust and than L/O from the land trust. That is the only way I would do it. Share this post Link to post Share on other sites
