Monday, December 15, 2014

Convert Your Rentals Into Lease Options or Contract for Deeds…


Ladies and gentlemen, Let me announce one of our favorite speakers, attorney Ross Hart. Ross will be at our meeting to give us the rundown on some of the best types of contracts that landlords can use to sell their property in the secondary market. What would be considered better options than the typical “Rent To Own” contracts which can be messy.

There is no better attorney in the area than Ross, to get advice from regarding these matters considering his involvement with Legal Aid and active attendance at their conventions which have conferences on matters of such. Playing within the rules is critical and ensures that your contract doesn’t automatically get judged as a sale leaving you with no other option than an expensive foreclosure.

These lease option and contract for deed type contracts are something that those of you who have properties reaching the 27.5 year write-off should consider as a tax strategy.  Rather than paying a huge capital gain you have the option of adding several more years as to where your taxes can be deferred as a result of the sale not allowing for an immediate gain.

These types of contracts are also good for those of you who are tired of playing games with tenants and would rather have the people purchasing your property handle their own repairs. Doing so requires an attorney who is very well versed in the subject of lease options and contract for deeds. Ideally you want to be able to take the property back if they fail to make their payments while avoiding having to go through the foreclosure process. The recording of the contract may be required to ensure that the new owner doesn’t get you pulled into court by the city if they aren’t keeping the property up as required.

Come on out and learn from Ross which is best to use for particular situations and how they can benefit you now or in the future.

See you there!

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