From: Rosemary McKenzie
We have found a residential property owned by a local restaurant, one block from the main street. He has extended the restaurant and wants to sell the house on a lease back arrangement (3yr x 3yr x 3yr) for one of his employees (already in residence). The back yard seems to have been set up market garden style possibly for the restaurant.
The real estate agent has indicated that the lease requested is similar to a commercial style lease. Has anyone had any experience with this type of leasing for residential?
Also, I've never purchased a tenanted place. Can anyone give any hints about what to particularly look out for?
TIA.
We have found a residential property owned by a local restaurant, one block from the main street. He has extended the restaurant and wants to sell the house on a lease back arrangement (3yr x 3yr x 3yr) for one of his employees (already in residence). The back yard seems to have been set up market garden style possibly for the restaurant.
The real estate agent has indicated that the lease requested is similar to a commercial style lease. Has anyone had any experience with this type of leasing for residential?
Also, I've never purchased a tenanted place. Can anyone give any hints about what to particularly look out for?
TIA.
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