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Don't Rent Your House - Lease Option It!
Don't book your house- lease option it
The fastest way to have houses is to lease option, not rent. That way you get a better quality of tenant, more and more people from which to choose, more money up-front, additional money monthly and no repair headaches. Sounds good, doesn't it? I usually get $100 each month extra with a house until $150,000; up-front option money is about 3% from the sales price. If your house needs work, I offer a work credit whenever they undertake it themselves. If the house is an emergency, then I offer my special, "No money down, you fix" deals (On those deals I get approximately 150 calls each day). If you'll be able to enter light, there isn't a lot of money tangled up in fix up costs. Long ago, I learned to never tie up my cash in keepers.
Since you get numerous calls on these ads, you have to minimize the trouble expended by you. The ad is positioned inside houses to 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 wash 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 this price and rent have not changed? Slick huh?
You will need to have an outside number with a separate voice mail. On the voice mail you are able to supply the address and hype the exact property. Tell them to operate a vehicle starting with and take a flier and search inside the windows. At the home is some other phone number, which is my cell. That way you simply talk with individuals who have seen the neighborhood, and seen your house, and recognize how the sale works. At the exact property you have a flier that outlines what's required. I have about 100 fliers and appearance every few days to find out if it is empty. Tape anyone to the window in the event someone takes the final one.
Make sure the home is clean and neat even if it requires work. Leave of the question coverings open. Check your voice mail regularly given it will fill up fast. Mostly there will be hang-ups. The calls you obtain back are the ones you will want to speak with. Be sure to take enough time to screen the callers. Ask them about employment, which will live there, how much they earn, just how long at the present address. Do they have the necessary option money? Verify that they can earn no less than thrice the rent amount monthly. How is their credit? If things are all ok, setup a showing time.
Make sure you schedule several appointments simultaneously. Tell them to bring $100 in cash plus $25 application fee in case that they like your home. When you have the showing, arrive 10 mins late. Let them see the rest of the people there also. Take applications in the qualified ones along 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 decided arrange to get the rest from the first month's money quickly. You would be surprised the amount of people walk from $100. Don't make ad out in the paper in anticipation of having ALL the money. Things can be wrong up to the final minute. Return all unacceptable deposits without the presence of $25 credit check fee. If Learn More Here , see a prospective tenant's house to have the rest from the money to view where did they live. At the very least, examine their car. If you will find mounds of McDonald's wrappers on the back seat, think hard. Look at their license to see should they are really who they say these are. Take only cash until they relocate.
If you really like them nonetheless they don't possess all the money needed, allow them to have a payment schedule- in writing- but call it rent-owed. The money they pay first is option money. The money they owe you is rent. That way should they transfer and welch, you'll be able to evict them for non-payment of rent. It's tough to evict because of non-payment of option money.
I done this successfully even from out of state. Many times I never met individuals. What do I care what they seem like. If they qualify, they qualify.
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