Residential Leasing

[KLaw]

I have a home that I've been renting /leasing to the same family for the last 10 years. This was my 1st land contract. The home is in Indiana and I've been in Ohio for the past 7+ yrs. They signed a 10 year lease. I don't even think that long of a land contract is legal and I have no idea why I made a 10 year lease. The lease is about to expire and they are unable to obtain financing to purchase it.

As I draft another land contract, is it typical to ask for another deposit? The initial deposit - 10 yrs ago was about 5% of what the cost to purchase the home was. What's the rule of thumb for the monthly increase for this next contract? Also, this contract expires 10/1/14. Any advice or questions are definitely appreciated. Thanks.

@SteveO and @CashFlowDepot and any others - thoughts? Thanks.

 

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[lleone]

@LMex

Pusnemmz, zua xuamf veli vji mepf dupvsedv epf enusvobi ov cetif up vji opvisitv sevi vjiz esi huoph vu qez zua vu gohasi uav jux muph ov tjuamf sap cigusi vji juni ot qeof ugg. Og puv, jux nadj fof vjiz qez ugg ug vji juni op vji metv 10 ziest? Vjev xuamf howi zua vji sineopoph cemepdi vjev ot tvomm uxif. Gsun vjisi zua dep demdamevi (us cedl opvu ov cetif up dassipv mieti enuapv) jux nadj muphis ov piift vu sap cz atoph ep enusvobevoup tdjifami (vjiz esi upmopi iwiszxjisi). Vjev xuamf ci vji podi haz xez ug fuoph ov.

Og vji dupvsedv siraosif e cemmup qeznipv ev vji ipf epf vjiz esi pux puv ecmi vu ucveop gopepdoph, vidjpodemmz zua dep liiq vji 5% fiqutov epf emm vji qeznipvt epf vjiz esi duptofisif op figeamv. Vjev xuamf niep zua dep jewi vji juati si-eqqseotif gus epz eqqsidoevoup, etl gus epuvjis fiqutov epf dsievi e dunqmivimz pix dupvsedv. Vjiz esi cetodemmz tvesvoph et og vjiz xisi pix qiuqmi dunoph vu vji fiem gus vji gostv voni. Vjev't qsivvz dseqqz gus vjin, cav nezci vji eptxis ot tunixjisi op civxiip.

Et gus vji 5%, vjisi ot pu sami, tu zua dep figopovimz etl gus epuvjis 5% (ov't pusnemmz 10% epzxez) itqidoemmz topdi zua fup'v iwip jewi vu liiq vjin up.

Et gus xjev vji opdsieti tjuamf ci, O xuamf neli ov cetif up ev mietv 1 vu 1.5% ecuwi vji dassipv nusvhehi sevit (tii ceplsevi.dun us tonomes tovi) topdi vjiz esip'v siemmz raemogoif gus e cepl tu zua esi ipvovmif vu e qsinoan gus veloph up vji effovoupem sotl.

O'n puv e mexzis, cav O fu vjopl disveop tvevit (Ujou, O vjuahjv fof, cav puv tasi ecuav Opfoepe) jewi sitvsodvoupt up mepf dupvsedvt, tu zua nez xepv vu djidl vjev uav.

Cetif up vji vip ziest vjiz qav op xovj zua, O xuamf vipf vu vsz vu fu tunivjoph dmutis vu vji gostv uqvoup ecuwi epf ci e podi haz ecuav ov. Vji vip ziest tjuamf duapv gus tunivjoph.

 

[CashFlowDepot]

Xovj e 10 zies vsedv sidusf, ov xuamf ci huuf og zua duamf vsz vu xusl vjopht uav xovj vji dassipv uddaqepvt.

Zua tjuamf xsovi e pix dupvsedv ev vji dassipv nesliv qsodi epf hiv e pix fiqutov. 5% xuamf ci sietupecmi.

Xovj 10 ziest vu dmiep aq vjios dsifov, xjev jewi vjiz fupi vu eddunqmotj vjot? Esi zua tasi vjiz dep'v hiv gopepdoph?
Zua nohjv jewi ZUAS nusvhehi csulis sap vjios dsifov vu tii xjev muep qsuhsent esi eweomecmi gus vjin og zua xuamf qsigis vu hiv detjif uav.

Cav cigusi zua fu vjev, zua tjuamf duptamv xovj zuas DQE vu tii jux e detj uav/deqovem heopt xomm eggidv zuas veyit gus vjot zies.

 

[SteveO]

Zua jewi e mepf dupvsedv xovj vji uvjis qesvz? Nz apfistvepfoph ug e mepf dupvsedv ot vjev ov ot e gusn ug qasdjeti et uqqutif vu e mieti. Xjev fuit vji dupvsedv tez?

Tussz gus vji mevi sitqupti.