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apbowman

TB will not pay

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Ok so I have this lease sandwich on a property and now I am running into some trouble. The tenant/buyer is does not want to buy the property now, they say my price is too high. Well I have and appraisal to support my sale price. Anyways that’s not the problem. The TB paid $4k in option consideration (which they knew was non refundable) and they were to pay a monthly rent of $1,400/mo for 4 month = $5,600.00. The TB said he is not going to pay me July or August rent. Because he paid the $4K in option consideration, so I explained to him that the option consideration is for the right but not the obligation to purchase the property and that it was non refundable. So I have two different contracts with the TB one is a Purchase contact which states that the binder/option consideration money is non refundable and that if they violate any part of the Residential Lease Agreement. The Purchase agreement will become null and void. I then go on to explain the money paid every month as per the Lease contract is separate from the Purchase contract. Now to paint a picture of this TB he has only paid rent on time twice in the 4 months. He did not pay all of the Option Consideration money when they said they would and when it came time for the monthly rent. There was some reason why they would not pay. For example TB told me there were no smoke detectors in the condo…then the next day there were but they did not work…anyways you get my point. Well I have a long paper trail in regards to this TB. I tried to document just about every thing that happened with this property. So I can sue for the back rent i.e. July and August…and can I attach late fees as per the lease agreement? Thank for the help if sorry for the long message.

 

Well if it makes a difference I did not use the Naked investor contract, because I had not gotten the course...I was using Rond Legrands Lease Option Cash Flow system...Well I will be using the Naked Investor from here on out.

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Aaron, I'm not an attorney, but I'll take a stab and reply.

Is the t/b still in the property? If so, the first thing that needs to be done is to begin eviction proceedings. Now! In fact, it should have been done when the first signs of trouble began. This deal will only get worse. The problem is you were a nice guy. This was interpreted by the t/b as a weak guy. And therein lies your problem. Get him out, or this becomes your tenant from hell story.

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