Owner of my rented condo is selling the unit, but, I don`t want to move!

[jdeniro]

Hi



I am a tennant renting out a condo in ontario, and, after a few years of residency, my owner has indicated that he will most likely be selling the unit this fall.



Since I would prefer to not have to move, I had an idea that I might be able to find him an investor buyer who would be willing to continue to assume me as a tennant, as opposed to allowing the unit to be sold to a buyer who may intend to occupy the unit, thereby requiring me to vacate.



I wanted to reach out to the forum to see if anyone had any advice on how I might go about networking with real estate investors to try and find such a buyer. I have spoken with some residential real estate agents in my area, but, very few seem to deal much with investor clientelle.



I informed the owner of my desire in case he or his agent might happen to know anyone, but, i doubt this will influence the sale much, and, they will most likely just move the unit to the highest bidder, irrelavent of their intentions.



But if i could find him an investor buyer even prior to the unit hitting the market, that would be the most ideal and beneficial for all parties involved. I would offer to buy it from him myself, but, cannot afford it yet.



Any advice would be appreciated. Thanks,



Joe

 

[mortgageman]

If you can't afford it on your own, consider buying it with a family member. Or a friend. What makes you think you can't afford it if you are currently paying rent on the property? Is the rent significantly less than what the mortgage and related ownerships costs are?

 

[markl]

Hi Joe,



Where are you located? I might be able to help you out or can refer you to someone who can.



Regards,

 

[Thomas Beyer]

[quote user=jdeniro]I would offer to buy it from him myself, but, cannot afford it yet.
You could get a 95% mortgage, so you need only 5% down. However, it may not make sense for you nor an investor. What is the current rent ? What is the property value ? What are the condo fees and property taxes ?



If #s make sense finding an investor takes some work, but this forum is a possibility.

If #s do not make sense finding an investor is very difficult to impossible.

 

[bellaswan]

There is indeed a lot of investor buyer in the market.... you can help him... just continue your plans...