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I need some brainstorming for this one: We have a Rent to Own tenant in a house for about 3 years now. They put down 3% and have accumulated another 3% in rent credits over that time. We have 3 years left on a business term loan on the property. I am hesitant to move the deed out the of the property due to the type of loan and being from a local bank.
I want to be able to carry financing on the sale of the property to the existing tenant. My reason for doing so is to give them a sense of home ownership and give me a break with managing this property as a rental.
What are some suggestions to structure this as a sale, while I carry financing as well as maintain control of the deed and give them a sense that they own the home.
If you sell with a Contract for Deed, the deed does not get in the buyer’s name until they pay you off.
YOu could also deed the property in to a Land Trust then sell the buyers the beneficial interest of the trust.
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