Profile picture for CFR20

Is it possible to purchase a home that is listed for rent?

The property I like is listed for rent and I'm guessing it's because the owner couldn't sell. Is it possible to express my interest in buying to the owner through the property management company they are working with? Also if the property is currently occupied by a tenant is there a way to let the owner know that I'll wait until the lease is over and then purchase it from them? I know it wouldn't be too wise to wait around a whole year for one property that the owner may not want to sell...but if it's discussed ahead of time is there a chance this could happen because I really love the property?
  • October 17 2013 - Columbia
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Answers (6)

Sure. Investment property is always for sale, the question is just a matter of price.
  • October 17 2013
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I think that it is worth a try. If they are willing to sell they may want to do a lease purchase. You lease for a year or less then buy it. I have sold several homes this way and It benefits both the buyer and the seller. The seller gets income from the lease on the property and the buyer has an opportunity to see the true condition of the property before buying it. If this is somethibg you are truly interesed in pursing I would contact a local agent and start the process. Best of luck!
  • October 17 2013
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Profile picture for BenEsposito
I would contact a local agent to find out if the property has been on the market over the past couple of years for sale.  If it has and didn't sell, then you know the owners have interest in selling.  If it hasn't been on the market, it doesn't mean the owner won't sell, it just means they haven't tried.  There is always a price that will cause a seller to sell, you just have to find out what that price is and determine if you're willing to pay it. 
I would touch base with the management company and see if you can get a hold of the owner, if they don't put you through, you can always contact an aggressive real estate agent and have them find the owner and present your proposal. 
Good luck!
  • October 17 2013
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Profile picture for Outer Banks N C
Possible? Sure. Likely? Probably not.
  • October 17 2013
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Profile picture for Creedteam

Yes! It's possible to present an offer to the homeowner.  They may have several homes for lease and might be interested in an offer.  Or, as you mention they may have been unable to sell for the price they were originally asking and decided to lease until the market moved in their direction. 
One thing to keep in mind is that savvy investors who may be holding and leasing properties are usually aware of what's happening in the market with regard to price, demand etc. 
They may have a long term plan to hold the property as well.

Hope this helps!
Best of luck!

  • October 17 2013
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I would suppose that there are some properties on here or any place
for that matter, where the owner would sell a 'for rent' property.

Couldn't Sell?
It would depend, some properties are rental income and not for sale,
other properties may be for rent because the owner wants to keep them
but has moved on to another location and the rent is the mortgage
payment.

Sounds like you really like the property but only one person could
answer the question of selling it...the people that own it.
That's who you need to contact.
Hope you get it.
-Joseph-
  • October 17 2013
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