Notes

Don't Rent Your House - Lease Option It!
Don't book your house- lease option it
The simplest way to obtain houses is to lease option, not rent. That way you receive a better quality of tenant, more and more people to select from, more cash up-front, more money monthly and no repair headaches. Sounds good, doesn't it? I usually get $100 a month extra with a house until $150,000; up-front option funds are about 3% in the sales price. If the home needs work, I offer a work credit should they take action themselves. If the house is a disaster, then I offer my special, "No money down, you fix" deals (On those deals I get approximately 150 calls per day). If you'll be able to be in light, you do not possess a lot of money tied up in fix up costs. Long ago, I learned to never link my take advantage keepers.
Since you will get numerous calls on these ads, you need to minimize the time and effort expended by you. The ad is placed within the houses for rent and houses for sale sections.
A typical ad reads a considerable house reads:
Rent to possess
Cute 3/1 fenced yard. Nice area. Low down
$850 mo+ $100 mo towards purchase
If the residence is a tragedy, I always clean it first. This is how the ad reads:
Rent to Own- $0 down-
U fix. 3/1 fenced yard. Nice area
$850 mo + $100 mo towards purchase.
Notice that the price and rent has not changed? Slick huh?
You have to have an outside number with an outside voice mail. On the voice mail you can provide address and hype the home. Tell them to operate a vehicle starting with and have a flier and appear in the windows. At the home is an alternative number, which is my cell. That way you should only talk to folks who suffer from seen your neighborhood, and seen the house, and know how the deal works. At the property you've got a flier that outlines precisely what is required. I have about 100 fliers and look every week to find out if it is empty. Tape one to the window just in case someone takes the very last one.
Make sure the exact property is clean and neat even though it needs work. Leave the window coverings open. Check Full Article since it will complete fast. Mostly there will be hang-ups. The calls you receive back are those you will need to talk with. Be sure to take the time to screen the callers. Ask them about employment, that will live there, the amount they earn, how long currently address. Do they have the required option money? Verify which they earn a minimum of 3 times the rent amount a month. How is their credit? If it is all totally ok, create a showing time.
Make sure you schedule several appointments simultaneously. Tell them to create $100 in cash plus $25 application fee in case that like the house. When you have the showing, arrive 10 minutes late. Let them see all the other people there also. Take applications from the qualified ones together with their money. No money-no application. Don't ask about marital status- it's illegal.
Every adult gets his/her own application. Date and number the applications. You have to make first qualified tenant, not essentially the most qualified.
Check out everyone thoroughly. When you have determined arrange to obtain the rest of the first month's money quickly. You would be surprised what number of people walk from $100. Don't make ad out from the paper until you have ALL the money. Things may go wrong up until the final minute. Return all unacceptable deposits without the presence of $25 appraisal of creditworthiness fee. If possible, see a prospective tenant's house to find the rest of the money to view where did they live. At the very least, take a look at their car. If you will find mounds of McDonald's wrappers for the back seat, think. Look at their driver's license to find out should they are really who it is said these are. Take only cash until they move around in.
If you actually like them nevertheless they do not have all the money needed, let them have a very payment schedule- in writing- but refer to it rent-owed. The money they pay first is option money. The money they owe you is rent. That way when they move around in and welch, you'll be able to evict them for non-payment of rent. It's tough to evict due to non-payment of option money.
I done this successfully even from out of state. Many times I never met the people. What do I care whatever they resemble. If they qualify, they qualify.
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