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Todd: Hello. Welcome to Todd Miller TV. I�m joined here with Oana and so the topic has
come up of people who want to sell their house but don�t want to move.
Oana: Right.
Todd: OK? So tell us a strategy for a person who wants to go ahead, sell their house, get
all the equity, cash it out, put a ton of money in their pocket but then they could
stay in the house. How do they do that?
Oana: OK. So, one of the easy ways to do that is of course to sell your property to an investor
who plans to do just that, which is rent out the property.
Todd: OK.
Oana: An investor would love to go ahead and purchase your house. You get to stay. You
get to rent it back. They know that you know the house. You know how to take care of it.
It�s perfect. You get money in your pocket. They get a good tenant who is stable, who
is taking good care of the house. It�s a win-win situation.
This works a lot of times when people have different upcoming family situations changing.
So this works when you know that you�re going to have a job transfer in a few months.
This works when you know that your last child is going off to college and maybe you need
some cash. All kinds of situations where this works really well where you want to sell the
house and get the cash today and move months from now or even years from now, whatever
works out best for you.
Todd: So what happens if they do this but then after the close of escrow, the person
tries to throw them out? How do they protect themselves?
Oana: Well, everything is by agreement.
Todd: OK.
Oana: OK? So you have a purchase agreement where you�re selling the property and then
you have a rental agreement where you�re agreeing to rent the property and generally,
there�s either a month to month agreement if it�s going to be a short term or it�s
an annual lease agreement where it�s going to be a year or longer. So it depends on your
situation and what you want to negotiate with the investor.
Todd: So if they could negotiate the terms of the lease for the next year or two �
Oana: Sure.
Todd: Like they could say, �I want to stay in. I will sign the two-year lease, which
means for two years I get to stay here if I want. But at anytime, I could go month to
month, meaning I could give you 30-day notice and break it.� So, that that person has
absolutely even more flexibility. They could say, �I could stay there for two years or
six months,� and then the investor gets the house and then he gets a tenant for some
time and this tenant leaves. He just gets a new tenant which is not that big of a deal.
Oana: Right. So look, it�s all by agreement.
Todd: OK.
Oana: Whatever you agreed to. Everything is in writing because remember, if it�s not
in writing, it�s not enforceable, right?
Todd: Right.
Oana: So it�s very straightforward and remember, at the beginning of the transaction, we all
love each other, so that�s the best time to negotiate everything.
Todd: OK. Good. So that�s a good strategy for a person who wants to sell their house
but doesn�t want to move.
Oana: Absolutely.
Todd: Awesome. Great. So, that is my update for today and hope to see you on another video.
Thanks.