Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
alterman

Cooperative Question

Recommended Posts

I am just starting and thinking of going the Cooperative Assignment route so I can get in and out and make my money.

I have a couple of questions that I am sure I will be asked:

1. If the tenant/buyer is responsible for maintenance what exactly does that mean ? You can have a clogged toilet( they pay for) or how about a leaking roof or the AC goes out? Should the lease state the tenant/buyer is responsible for the first X amount of money. If so, what should that be $500 -more/less?

2. Insurance/Taxes. I know the owner is responsible for paying this. In the lease can it have

$___ for rent + $___ taxes/insurance for a total due of $____. or does the owner just pay this out of his own funds. I am in Florida if this matters.

3. I was told that you can not legally have a portion of the rent applied to the purchase price?

 

 

Share this post


Link to post
Share on other sites

Hello, alterman, and welcome to The Naked Investor. :)

 

1) What a tenant or tenant/buyer can be held responsible for is wholly dependent upon the state's landlord/tenant laws. Despite what your contract may say, state law will always supercede that. You can tweak the agreement to read something like: Tenant/Buyers shall be responsible for all permissible maintenance and repairs as per the state of ________ .

2) No. Your tenants cannot be required to pay taxes or insurance. They pay rent. The homeowner is responsible for paying his/her mortgage, property taxes, and homeowners insurance.

3) Who told you this and have they referred you to the specific citation that states this?

Share this post


Link to post
Share on other sites

Yes...it's me...

The tenant is responsible for anything that doesn't fall under something that the owner's ins. would be involved in unless state law says otherwise.

Tenant's don't pay taxes ad ins as it's not an owner finance or contract for deed.

It's best and cleaner to have the rent credit go towards closing costs.

We actually don't offer or mention rent credits in our docs, just a seller concession.

Share this post


Link to post
Share on other sites

×
×
  • Create New...