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I am renting to own a home in major need of repair, iam doing the repairs myself as a downpayment

as a  , iam running low on money. I have started the house repairs, then hurricaine damaged, now i am stuck out with more damage. house has great potential to fix up and sell, and make great profit.what should i do next?
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January 24 2009 - Lafayette
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Answers (4)

Profile picture for magicdude
You say a hurricane caused more damage (after the agreement was signed and in place).
If so, see of the seller will take on part of the responsibility for the damage to the house. If you weren't in the fix-up contract, the seller would have to pay for ALL of the damages AND labor.
Suggest that the seller pays for the MATERIALS of the repair, and you do all the work. That way sounds fair. He will be doing his fair part in the deal and you'll build your "sweat equity" in the deal.
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February 12 2009
spending your own money in a rent to own deal is not very brilliant in the first place. Most all deals like that the seller ( if they really are the owner of the property and not someone who is just transferring an option to buy to you ) is banking on you can not complete the contract, evicts you out and finds another sucker with more money to continue on with. 
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February 11 2009
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no neiher had insurance, yes we do have a contract, and we put all together, about $15,000.00.
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January 24 2009
Profile picture for sunnyview
I have a couple questions. Did you or the owner have insurance when the hurricane hit? Do you have rent to own contract? how much do you have invested in the house in real money (not labor). I would make sure that you can complete the deal before you put in another day or another dollar. Otherwise, your sweat equity is money in the owners pocket if you have to walk away due to lack or funds or just circumstances.
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January 24 2009
 
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