Notes

Don't Rent Your House - Lease Option It!
Don't rent your house- lease option it
The easiest way to obtain houses would be to lease option, not rent. That way you recruit a higher quality of tenant, the best way to from which to choose, more money up-front, more income month after month no repair headaches. Sounds good, right? I usually get $100 each month extra over a house until $150,000; up-front option money is about 3% with the sales price. If your home needs work, I provide a work credit should they do it themselves. If the house is a tragedy, then I offer my special, "No money down, you fix" deals (On those deals I get approximately 150 calls each day). If it is possible to enter light, you do not possess big money tied up in fix up costs. Long ago, I learned not to link my money in keepers.
Since you obtain countless calls on these ads, you will need to minimize the time and effort expended on your part. The ad is positioned inside the houses to rent and houses for sale sections.
A typical ad reads a considerable house reads:
Rent to own
Cute 3/1 fenced yard. Nice area. Low down
$850 mo+ $100 mo towards purchase
If the home is a disaster, 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 the price and rent has not changed? Slick huh?
You have to have a separate number with a different voice mail. On the voice mail you can provide the address and hype the house. Tell property manager doncaster to drive starting with and require a flier and search inside the windows. At the property is some other number, which can be my cell. That way you simply talk with folks who suffer from seen a nearby, and seen your home, and discover how the sale works. At the property you have 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 of the question in the event someone takes the very last one.
Make sure the property is elegant regardless of whether it requires work. Leave of the question coverings open. Check your voice mail regularly as it will refill fast. Mostly there will be hang-ups. The calls you will get back are the types you'll want to talk with. Be sure to take some time to screen the callers. Ask them about employment, who will live there, the amount they earn, the length of time at present address. Do they have the necessary option money? Verify that they can earn no less than 3 times the rent amount each month. How is their credit? If everything is ok, create a showing time.
Make sure you schedule several appointments at the same time. Tell them to create $100 in cash plus $25 application fee in the event that they enjoy the home. When you have the showing, arrive 10 minutes late. Let them see all of those other people there also. Take applications in the qualified ones together with their money. No money-no application. Don't enquire 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 probably the most qualified.
Check out everyone thoroughly. When you have made the decision make arrangements to get the rest from the first month's money quickly. You would be surprised the number of people walk from $100. Don't take the ad out with the paper until you have ALL the money. Things will go wrong up to the very last minute. Return all unacceptable deposits minus the $25 credit assessment fee. If possible, go to the prospective tenant's house to find the rest from the money to view how they live. At the very least, take a look at their car. If you'll find mounds of McDonald's wrappers for the back seat, think twice. Look at their license to determine whenever they are really who people say these are. Take only cash until they move around in.
If you actually like them nevertheless they lack all the money needed, let them have a 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 can evict them for non-payment of rent. It's tough to evict as a consequence 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 the things they resemble. If they qualify, they qualify.
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